01/07/2020 – News / Minerals / Metals / Aggregates / Metso / Outotec / Finland
Metso Minerals merges with rival Outotec
Finnish industrial rivals Metso and Outotec have jointly announced the combination of Metso Minerals and Outotec to create a leading company in process technology, equipment and services serving the minerals, metals and aggregates industries. Meanwhile, Metso Flow Control will become a separately-listed, independent flow control equipment and services company under the name of Neles Corporation.
“We are excited about the unique opportunities this combination will create for our customers, employees and partners globally,” enthused Pekka Vauramo, Metso’s President and CEO, who will take the helm at the new company Metso Outotec. “We will have an extensive global presence, complementary offering, strong services and a large installed base. We also have excellent people – the best talent in the industry.”
Markku Teräsvasara, Outotec’s CEO, said that the combination of Outotec and Metso marks an important milestone in each companies’ histories and in Outotec’s strategic development. “I am excited about the many benefits that the combination will deliver for customers, employees and ultimately shareholders, with the larger scale and combined strengths of both companies,” added Mr Teräsvasara, who will become President of the Services area, and Deputy CEO in the future executives team.
Metso Outotec has about 15,600 employees, with illustrative combined sales of €3.9 billion in 2018-19. This figure rises to €4.2 billion ($AUD$6.7 billion) when accounting for Metso’s recent acquisition of Canadian mobile screening and crushing equipment manufacturer McCloskey International.
Metso shareholders will own 78 per cent with Outotec shareholders owning the balance of the combined company.
Completion of the combination is expected to take place on 30th June 2020.