Metso's Nomination Board proposes Jukka Moisio to be elected Chair of the Board of Directors of the future Neles Corporation
Metso Corporation, Stock exchange release, November 13, 2019, at 5:15 p.m. EET
The Shareholders' Nomination Board of Metso Corporation proposes the election of Jukka Moisio (b.1961, M.Sc. Econ., MBA) as Chair of the Board of Directors of the future Neles Corporation. Jukka Moisio has previously served as CEO of Huhtamäki Oyj (from 2008 to 2019) and Ahlstrom Oyj (from 2004 to 2008), in addition to many other management positions at Ahlstrom Oyj (from 1991 to 2004).
Metso's Nomination Board will submit its proposal regarding Moisio's election to Metso's Board of Directors, which will make the final proposal, after being briefed by the Nomination Board, to Metso's Annual General Meeting of shareholders to be held in March 2020. The Nomination Board will publish its proposal on the complete composition of the Neles Board in January 2020. According to the Nomination Board, making the proposal relating to the Chair of the Board and publishing it earlier supports the preparation process of the independent Neles Corporation.
The future Neles Corporation is planned to be created in a partial demerger of Metso, in which Metso's Minerals Business would combine with Outotec to create Metso Outotec. Simultaneously, Metso's Flow Control business would become the continuing business of the currently listed Metso, and subsequently renamed Neles. The partial demerger is targeted to be completed in the second quarter of 2020, subject to the receipt of all required regulatory and other approvals. The Extraordinary General Meetings of both Metso and Outotec approved the transaction on October 29, 2019.
The future Neles Corporation is a well-known flow control solutions and services provider to the oil and gas refining, chemicals, pulp, paper and bioproducts, and other process industries. Neles' unaudited carve-out sales during the first nine months of 2019 were EUR 493 million (1-9/2018: EUR 425 million) and carve-out operating profit was EUR 75 million (1-9/2018: EUR 58 million.) Neles' global headcount totals 2,900 and it has operations in more than 40 countries. Olli Isotalo, current President of Metso's Valves business area, has been appointed President and CEO and Simo Sääskilahti has been appointed CFO of the future Neles.
Petter Söderström, Chair of the Nomination Board, tel. +358 (0) 10 830 8903, Email: email@example.com (firstname.lastname@example.org)
Metso is a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. With our unique knowledge and innovative solutions, we help our customers improve their operational efficiency, reduce risks and increase profitability. Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 3.2 billion in 2018. Metso employs over 14,000 people in more than 50 countries. metso.com (https://www.metso.com), twitter.com/metsogroup (http://www.twitter.com/metsogroup)
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