Partek Corporation, part of the Kone Group, Industri Kapital and the management of Paroc have on 15 December 2002 signed an agreement with Banc of America Equity Partners on the sale of shares in Paroc Group Oy Ab to a Finnish holding company owned by a fund administered by Banc of America Equity Partners. The Industri Kapital 1997 Fund will sell approximately 47% and Partek approximately 38% of the shares in Paroc. The management of Paroc will have an option to continue their ownership in Paroc.

The transaction is subject i.a. to competition authority approval. The deal is expected to be finalized in early 2003.