Metso Corporation and Outotec Oyj have now received the remaining outstanding competition clearances for the combination of Metso’s Minerals business with Outotec through a partial demerger of Metso. Current Metso shareholders will own 78% and Outotec shareholders 22% of the combined company. Pekka Vauramo, the current Metso President and CEO will be the CEO of the new Metso Outotec. The new company will have 15,600 employees.
Having received all the required regulatory and other approvals, including competition clearances, the regulatory condition for the completion of the Combination has now been fully satisfied. In line with previous announcements, the completion of the Combination is expected to take place on June 30, 2020. Upon the completion of the Combination, Metso will be renamed as Neles Corporation and it will be a separately listed entity focused on flow control.
Metso Outotec will consist of 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.
Pekka Vauramo has stated in the lead up to the completion: “We are excited about the unique opportunities this combination will create for our customers, employees and partners globally. 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 current President and CEO and soon to be the President, Services and Deputy CEO of Metso Outotec has said: “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.”