Paper Industry Equipment News

Kvaerner posted better-than-expected 2000 profits and outlined plans to split into three companies, hoisting its share up more than five percent. The company said pre-tax profits totaled 513 million crowns ($56.69 million) last year compared with a loss of 5.5 billion crowns in 1999 when the group took heavy provisions for restructuring. Analysts had expected a profit of 441 million crowns. "The report was better than expected, and splitting the company seems reasonable," one trader said. Kvaerner also said it expected earnings to improve further in 2001. "We are now searching for growth opportunities in our chosen areas," chief executive Kjell Almskog said in a statement.