New CEO at Metso Corporation

Published Sept 25, 2003 16.00.00 +2 GMT

Metso Corporation's Board of Directors has in its meeting today decided to relieve Tor Bergman of his duties as President and CEO of Metso Corporation as well as of his duties as chairman of Metso's business area boards. Metso's Executive Vice President and CFO Olli Vaartimo has been appointed as acting President and CEO as well as chairman of Metso's business area boards as of today.

At the same time, Metso Corporation's Board of Directors has also decided to renew Metso's management model so that Metso's business areas – Metso Paper, Metso Minerals, Metso Automation and Metso Ventures - will in the future operate with wider independence developing their own strategies. The activities and the role of the Corporate Headquarters will be re-evaluated by the end of this year so that the continuity of the efficiency improvement and Corporate level synergy programs is ensured.

Metso Corporation's Board of Directors has today reviewed the new strategic plan of the Corporation and the related goodwill impairment test performed in Metso Minerals. As a result of the test, the Board of Directors has decided on an approximately EUR 200 million goodwill impairment in Metso Minerals.

Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2002, the net sales of Metso Corporation were EUR 4.7 billion and the personnel totaled approximately 28,500. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.

More information: Matti Kavetvuo, Chairman of the Board Metso Corporation, tel. +358 50 5910 744 Olli Vaartimo, President and CEO, act. Metso Corporation, tel. +358 204 84 3010