Metso logo Credit: Metso
FINLAND –Metso and Outotec have received all of the regulatory approvals for the combination of Metso’s minerals business with Outotec. The merger will be complete once Metso’s partial demerger is registered with the Finnish authorities, which is expected to take place on Jun.30.
Once Outotec absorbs Metso’s minerals business, the company will become Metso Outotec. At the same time, Metso will be renamed Neles Corporation. Metso Outotec is expected to start trading on the Nasdaq Helsinki stock exchange on Jul. 1.
Combined company focus
After the completion of the combination, Metso Outotec will consist of the following six business areas:
- Aggregates, providing crushing and screening equipment for aggregates production;
- Minerals, providing equipment and full solutions for minerals processing;
- Metals, providing processing solutions and equipment for refining and processing;
- Recycling, providing equipment and services for metal and waste recycling;
- Services, providing parts, refurbishments and professional services for mining, metals and aggregates customers; and
- Consumables, providing wear parts for mining, metals and aggregates processes.
Composition of the board of directors
Matti Alahuhta, Ian Pearce, Klaus Cawén and Hanne de Mora will continue to serve on the board of Metso Outotec.
Mikael Lilius, Arja Talma, Kari Stadigh, Christer Gardell, Antti Makinen and Emanuela Speranza, which are current members of Metso’s board, will also serve as members of the board for Metso Outotec.
Mikael Lilius, Metso’s current chairperson, will serve as the chair of Metso Outotec and Matti Alahuhta, the current chairperson of Outotec’s board, will serve as vice-chair.
Metso Outotec’s executive team will include:
- Pekka Vauramo (Metso’s current president and CEO) as president and CEO;
- Markku Terasvasara as president of services and deputy CEO;
- Eeva Sipila as CFO and deputy CEO;
A total of 645.8 million new Outotec shares will be issued to Metso’s shareholders as part of the demerger. As a result, the total number of Outotec shares will increase to 828.9 million.
Neles, a company focused on flow control solutions and services, is expected to start trading on Nasdaq Helsinki on Jul. 1.
For more information, visit www.Metso.com or www.Outotec.com.