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Metso has decided to develop the businesses of the Minerals and Flow Control segments separately – Olli Isotalo appointed as President, Valves business area
Metso Corporation, Stock exchange release, Insider information, on June 18, 2019, at 1:45 p.m. EEST
Metso’s Board of Directors has defined its view on the company’s portfolio strategy and has decided that the businesses under the Minerals and Flow Control segments will be further developed separately from each other.
”All Metso’s businesses and the two segments that are composed of these, have attractive growth opportunities in the coming years. Capitalizing on these opportunities will call for efficient decision-making and allocation of resources. However, our businesses have significant differences relating to, for example, customers, cyclicality, growth drivers, sales channels and product development. This is why we made the decision to develop Minerals and Flow Control strategies separately from each other. In addition, Minerals and Flow Control share a limited amount of synergies, the majority of which are administrative, thus the separation will make the preparation and implementation of their respective strategies more efficient,” said Metso’s President and CEO Pekka Vauramo.
The Minerals segment includes equipment and services sold to mining and aggregates customers, as well as the recycling business. The Flow Control segment consists of valves and related services sold to various process industries. The decision taken today will have no impact on Metso’s organizational structure nor its external reporting.
Olli Isotalo appointed as President of the Valves business area
Metso’s Board of Directors has appointed Olli Isotalo as President, Valves business area. Olli Isotalo will start in his position on July 15, 2019, and will become a member of the Metso Executive Team. Olli Isotalo has previously served as CEO of Patria Oyj and has held various executive positions at Cargotec Corporation.
”I am very pleased that we can utilize Olli Isotalo’s expertise and experience in preparing and further implementing the strategy of the Valves business,” said Metso’s President and CEO Pekka Vauramo.
”I am excited to join the Valves business area, which has consistently reported good results and has seen overall strong development over the past years. I eagerly look forward to developing a new strategy and creating new growth opportunities for Valves together with its skilled and motivated personnel,” said Olli Isotalo.
John Quinlivan, the current President of the Valves business area, will continue as Senior Adviser until the end of 2019 and will support Olli Isotalo during the transition period.
“I would like to thank John, both personally and on a behalf of Metso, for his dedication and excellent contribution to Valves’ business success during his long career,” commented Pekka Vauramo.
Metso Executive Team will otherwise remain unchanged.
Olli Isotalo’s photo and CV can be found as attachments to this release.
For further information, please contact:
Pekka Vauramo, President and CEO, tel. +358 20 484 3001
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.