Metso Corporation's demerger process proceeds - Pasi Laine appointed President and CEO of the new company for Metso's Pulp, Paper and Power business
Metso Corporation's stock exchange release on June 5, 2013 at 2:50 p.m. local time
Metso's Board of Directors has appointed Mr Pasi Laine, M.Sc in Engineering, as President and CEO of the new company to be demerged from Metso Corporation and listed on the NASDAQ OMX Helsinki stock exchange.
Metso's Board of Directors has signed a demerger plan to separate Metso's Pulp, Paper and Power business into a separate listed company to be named Valmet Corporation. The demerger will require the approval of Metso's Extraordinary General Meeting. If approved, the planned registration date of the demerger will be December 31, 2013.
Pasi Laine (born 1963) is currently President of Metso's Pulp, Paper and Power business, and he will continue in this position until assuming the duties of the President and CEO of the new company. He has been a member of the Metso Executive Team since 2006.
"Metso's Board of Directors has studied the requirements of the new position carefully and has considered both external and internal candidates. Our target has been to find the best possible person for the role of President and CEO of Valmet Corporation. Pasi Laine has had a long and successful career at Metso, holding various management positions in Metso's Automation and Pulp, Paper and Power businesses", says Jukka Viinanen, Chairman of the Board of Directors of Metso.
"It is an honor to be given this new opportunity to develop Metso's Pulp, Paper and Power business as an independent company and implement our business strategy and accelerate growth. Our goal is to be the leading global technology and service provider for the pulp, paper and power industries. The new Valmet will be a modern and dynamic listed company", says Pasi Laine.
If Metso's Extraordinary General Meeting approves the demerger of Metso, the appointment will take effect on the planned registration date of the demerger December 31, 2013. Metso plans to hold an Extraordinary General Meeting on or about October 1, 2013.
Matti Kähkönen will continue as President and CEO of Metso Corporation. Until the demerger, Pasi Laine will continue as President of Metso's Pulp, Paper and Power business, reporting to Matti Kähkönen.
Metso is a global supplier of technology and services to customers in the process industries, including mining, construction, pulp and paper, power, and oil and gas. Our 30,000 professionals based in over 50 countries contribute to sustainability and deliver profitability to customers worldwide. Metso's shares are listed on the NASDAQ OMX Helsinki Ltd.
For further information, please contact:
Jukka Viinanen, Chairman of the Board, Metso, tel. +358 20 484 3000
Matti Kähkönen, President and CEO, Metso, tel.+358 20 484 3000
Pasi Laine, President, Metso Pulp, Paper and Power business, tel. +358 20 484 3200
Requests for media interviews:
Jussi Ollila, SVP, Group Communications, +358 20 484 3212
VP, Investor Relations
NASDAQ OMX Helsinki Ltd