Metso’s proposed tie-up with Outotec Oyj has been approved at an extraordinary general meeting held by the company in Helsinki.
The company’s board of directors approved Metso’s demerger plan and decided on its partial demerger and combination with Outotec.
Metso and Outotec announced plans to join forces in July, with the promise to create a leading company in process technology, equipment and services for the minerals, metals and aggregates industries.
The combined company – called Metso Outotec – is set to become a giant of the mining industry, highlighted by sales of €3.9 billion ($6.26 billion) between them in 2018.
It will establish a new company that can leverage off the strengths of Metso and Outotec, including technology and research and development, product and process excellence as well as a global footprint.
Metso chief executive officer Pekka Vauramo said the combination would have capabilities that would enable it to drive sustainable growth, providing customers with high-quality technology, equipment and services that would ultimately improve their businesses.
“We also have excellent people – the best talent in the industry. I am therefore eagerly waiting to join with Outotec’s personnel to begin our exciting journey together,” Vauramo said when the deal was announced.
The new Metso Outotec headquarters are expected to be in Helsinki, Finland, with completion of the deal scheduled for the second quarter of 2020 once all approvals are obtained.