Neles Corporation, Stock exchange release, November 30, 2021, at 3:00 p.m. EET
Neles’ Board of Directors has appointed CFO Simo Sääskilahti as Neles’ interim President and CEO as of January 1, 2022. The current President and CEO, Olli Isotalo, will continue in the role until December 31, 2021.
The merger between Valmet and Neles is planned to take place on or before April 1, 2022, once the necessary merger control approvals by the relevant competition authorities are obtained. In the merged company Neles is planned to be organized as an independent organizational entity called Flow Control Business Line.
Valmet Oyj disclosed on October 26, 2021, that Olli Isotalo has announced his wish to retire from his current duties upon the successful completion of the Valmet-Neles merger, and that Simo Sääskilahti will head the future Flow Control Business Line as of the completion of the merger process.
“I want to thank Olli for his strong leadership and contribution to Neles,” said Jaakko Eskola, Chair of Neles’ Board of Directors. “He has built a strong team and together they executed a strategy to profitably grow the Neles business to the next level. I wish Olli all the best in his future endeavors.”
For further information, please contact:
Jaakko Eskola, Chair of Neles’ Board of Directors, tel. +358 40 562 8893
Neles is one of the leading providers of mission-critical flow control solutions and services for process industries. With our global team of experts and innovative solutions, we help our customers to improve their process performance and ensure the safe flow of materials. Neles is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 576 million in 2020. Neles employs about 2,950 people in approximately 40 countries.