Metso will combine with Outotec to form Metso Outotec, while Metso Flow Control will become a separately listed company called Neles Corporation.
The move was initially announced on 4 July, 2019, when the two companies signed an agreement for the demerger. All regulatory approvals were granted on June 18, 2020.
A total of 645,850,948 new shares in Outotec will be issued as demerger consideration to Metso’s shareholders based on their shareholdings in Metso on June 30, 2020. For shareholders outside of Finland, applicable securities laws may affect the offer, sale or delivery of the demerger consideration shares.
Matti Alahuhta, Ian W. Pearce, Klaus Cawén and Hanne de Mora will continue to serve on the Board of Directors of Metso Outotec. The current members of the Board of Directors of Metso, Mikael Lilius, Arja Talma, Kari Stadigh, Christer Gardell, Antti Mäkinen and Emanuela Speranza, will begin to serve as new members of the Board of Directors of Metso Outotec.
Mikael Lilius, the current Chair of the Board of Directors of Metso, will begin to serve as the Chair of the Board of Directors of Metso Outotec and Matti Alahuhta, the current Chair of the Board of Directors of Outotec, will begin to serve as the Vice Chair of the Board of Directors of Metso Outotec. Pekka Vauramo, the current President and CEO of Metso, will begin to serve as the President and CEO of Metso Outotec.
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After the completion of the combination, Metso Outotec will consist of the following six business areas:
- Aggregates, providing crushing and screening equipment for the production of aggregates.
- Minerals, providing equipment and full plant solutions for minerals processing, covering comminution, separation and pumps.
- Metals, providing processing solutions and equipment for metals refining and chemical processing.
- Recycling, providing equipment and services for metal and waste recycling.
- Services, providing spare parts, refurbishments and professional services for mining, metals and aggregates customers.
- Consumables, providing a comprehensive offering of wear parts for mining, metals and aggregates processes.
The following people have been appointed to the Executive Team of Metso Outotec:
- Pekka Vauramo, President and CEO
- Markku Teräsvasara, President, Services and Deputy CEO
- Eeva Sipilä, CFO and Deputy CEO
- Markku Simula, President, Aggregates
- Stephan Kirsch, President, Minerals
- Jari Ålgars, President, Metals
- Uffe Hansen, President, Recycling
- Sami Takaluoma, President, Consumables
- Nina Kiviranta, General Counsel
- Piia Karhu, Senior Vice President, Business Development
- Hannele Järvistö, Senior Vice President, Human Resources (interim).
The independent Neles will provide flow-control solutions and services for the oil gas industries, pulp, paper and bioproducts industries, and the chemical industry.
The Neles Board will consist of Jukka Moisio as Chair, Mark Vernon as Vice Chair, and Britta Giesen, Anu Hämäläinen, Niko Pakalén, Teija Sarajärvi and Petter Söderström as members.
The Neles Executive Management Team will consist of:
- Olli Isotalo, President and CEO
- Timo Hänninen, Head of the Equipment business area
- Sami Nousiainen, Head of the Services business area
- Kalle Suurpää, Head of the Valve Controls & Actuators business area
- Patrick Dunn, Head of North America market area
- Fabio Maia, Head of South America market area
- Jon Jested-Rask, Head of EMEIA market area
- Tan HangPheng, Head of Asia-Pacific market area
- Kevin Tinsley, Head of operations
- Simo Sääskilahti, CFO
- Hanne Peltola, Head of Human Resources
- Kaisa Voutilainen, Head of Communications and Marketing
Completion of the combination will take place when Metso’s partial demerger is completed on June 30, 2020.