Metso’s mineral business merger with Outotec has been finalised after nearly a year since the signing of the combination agreement.
The newly formed Metso Outotec Corporation will specialise in sustainable technology, solutions and services for the minerals, aggregates and recycling industries.
The demerger became official after being listed on the Finnish Trade Register today.
Metso Outotec has the vision of delivering “positive change” to the industry by reducing the environmental footprint of the resources sector and improving energy and water efficiency levels.
The company will be split into six business areas, comprising minerals, aggregates, metals, recycling, services and consumables.
Metso shareholders own a 78 per cent interest in the new company, while Outotec shareholders hold the remaining.
The new company is headquartered in Helsinki, Finland and has a workforce of 15,000 people across 50 countries worldwide.
The role of Metso Outotec chief executive officer is held by Metso’s president and chief executive officer Pekka Vauramo, while Metso’s former mining equipment president Stephan Kirsch has been appointed president of Metso Outotec’s minerals business.
Outotec’s president and chief executive Markku Teräsvasara has become Metso Outotec’s president of services and deputy chief executive.
Prior to the merger, Metso’s mineral business and Outotec had a combined sales total of €4.2 billion ($6.8 billion) for 2018–2019.
Metso Flow Control also announced its shift to become an independent separately listed company called Neles today.