Metso

Last updated

Metso Corporation
Native name
Metso Oyj
Company type Julkinen osakeyhtiö
Nasdaq Helsinki:  METSO
Industry Industrial machinery
Predecessor Valmet, Rauma Oy
Founded1999 (1999)
Defunct1 July 2020 (2020-07-01)
Headquarters,
Key people
Mikael Lilius (Chairman), Pekka Vauramo (President and CEO)
ProductsIndustrial company serving the mining, construction, recycling, oil and gas, pulp, paper and process industries
RevenueIncrease2.svg €3.6 billion (2019) [1]
Increase2.svg €418 million (2019) [1]
Number of employees
15,000 (end 2019)
Website www.metso.com

Metso Corporation [2] (natively Metso Oyj) was a Finnish industrial machinery company focusing on providing technology and services for mining, aggregates, and oil and gas, recycling, pulp and paper and other process industries.

Contents

On 30 June 2020, Metso's partial demerger and combination of Metso Minerals business unit and Outotec took place. [3] [4] Two new companies started operations on 1 July 2020: Neles and Metso Outotec. [5]

History

Metso was created through the merger of Valmet and Rauma Oy  [ fi ] in 1999. In 2013, Metso demerged into two separate companies: Metso Corporation and Valmet Corporation.

2000s

By 2008, Metso had become Finland's ninth largest company and the number of Metso shareholders had increased from 25,000 to 42,000. Metso strengthened its market position and service capacity in growing markets, particularly in India and China. During 2008, the expansions to the Ahmedabad foundry and the Bawal factory in India were completed.

Metso also purchased the paper machine technology of Japanese Mitsubishi Heavy Industries’ (MHI), making Metso the sole owner of Beloit's paper machinery intellectual property globally.

In September 2008, Metso sold 83% of its foundry in Sweden to an investment group assembled by the Primaca investment company. The Metso Foundries Karlstad unit specialized in casts of wind power components, diesel engine blocks and Yankee cylinders for paper machines.

By 2009, half of Metso's orders received in 2009 came from emerging markets, compared to less than one fifth in 1999. In the same year, Metso entered into a combination agreement with Tamfelt, one of the world's leading suppliers of technical textile. Subsequently, Metso made a public exchange offer for all of Tamfelt's shares.

2010s

In 2012, Metso agreed to form a joint venture with China's LiuGong Group to develop the track-mounted crushing business in China, consolidated its valve operations in the United States into new premises in Massachusetts and opened a new valve supply and service center in Vadodara, India. In the same year, Metso acquired the Korean valve manufacturer Valstone Control Inc., U.S. software company ExperTune Inc. and 75 percent of the Chinese crushing and screening equipment producer Shaorui Heavy Industries.

Metso Recycling business offers metal and waste recycling equipment and services globally. On 1 September 2011, Metso announced that the Recycling business would be managed as a separate entity while Metso reviews other strategic alternatives for it. As part of this process, Metso evaluated both external and internal options. On 25 October 2012, Metso announced that Metso Recycling will be integrated into Mining and Construction as of 1 December 2012.

In August 2013, Metso closed the acquisition of Chinese manganese steel foundry JX. [6]

2013 company demerge

On 1 October 2013, the Extraordinary General Meeting approved the demerger of Metso into two companies. [7] At the start of 2014, Metso Corporation's Mining and Construction business and Automation business formed the new Metso Corporation and Metso's Pulp, Paper and Power business formed a new independent company under the name Valmet Corporation.

In December 2013 Metso reduced its holding in Valmet Automotive to approximately 41%. As a result of this arrangement, Valmet Automotive ceased to be a Metso subsidiary. [8]

In 2015, Metso divested its Process Automation Systems (PAS) business to Valmet, focusing on their mining and aggregates industries operations and on the flow control systems manufacturing business. [9]

2020 partial demerger and combination of Metso Minerals and Outotec

All regulatory approvals were received by 18 June 2020 [10] and partial demerger was registered on 30 June 2020. [3] Metso Outotec and Neles started operations on 1 July 2020.

2020s

In July 2023, it was announced Metso had acquired the Perth-headquartered bulk material handling company Brouwer Engineering. [11]

Organization

Corporate governance

Metso's President and CEO as well as Chairman of the Executive Team is Pekka Vauramo as of 1 November 2018. [12]

Metso’s Board of Directors

Metso's Board includes the following members. [13]

  • Mikael Lilius (Chairman since 31 December 2013. Board member since 2013.)
  • Christer Gardell (Vice Chairman since 31 December 2013. Board member since 2006.)
  • Peter Carlsson (2016–)
  • Lars Josefsson (2013–)
  • Nina Kopola (2013–)
  • Antti Mäkinen (2018–)
  • Kari Stadigh
  • Arja Talma (2016–)
  • Raimo Brand

Metso Executive Team

The Executive Team includes the following members. [12]

  • Pekka Vauramo, President and CEO
  • Eeva Sipilä, CFO and Deputy to CEO
  • Stephan W Kirsch, President, Mining Equipment business area
  • Markku Simula, President, Aggregates Equipment business area
  • Olli Isotalo, President, Valves
  • Sami Takaluoma, President, Minerals Consumables business area
  • Uffe Hansen, President, Recycling business area
  • Giuseppe Campanelli, President, Minerals Services business area
  • Kalle Sipilä, President, Pumps business area
  • Jani Puroranta, Chief Digital Officer

Minerals processing

Products and services

For minerals processing in the mining, aggregates and recycling industries, Metso's offering includes crushers, screens, mining solutions, grinding mills and media, conveyors, solutions for bulk materials handling as well as process, pyro processing and recycling equipment.

Competitors

Metso's biggest competitors in the mining industry include FLSmidth, Outotec and ThyssenKrupp, and in the construction industry Terex, Atlas Copco, Caterpillar and Sandvik. [14]

Metso premises in Hakkila, Vantaa, Finland. Metso Automation Honkatalo.jpg
Metso premises in Hakkila, Vantaa, Finland.

Customers

Metso's customers operate in mining, aggregates, recycling and process industries.

Share

Metso's share was listed on the Helsinki Stock Exchange. [15] The share was previously traded also on the New York Stock Exchange, but the listing there ended on 14 September 2007 and now, in the US, it is exchanged on the over-the-counter (OTC) market. [15]

Starting from 1 July, Metso's share is continued by Neles.

Shareholders

Metso's biggest registered shareholders on 30 September 2016 were: [16]

Related Research Articles

<span class="mw-page-title-main">Mining</span> Extraction of valuable minerals or other geological materials from the Earth

Mining is the extraction of valuable geological materials and minerals from the surface of the Earth. Mining is required to obtain most materials that cannot be grown through agricultural processes, or feasibly created artificially in a laboratory or factory. Ores recovered by mining include metals, coal, oil shale, gemstones, limestone, chalk, dimension stone, rock salt, potash, gravel, and clay. The ore must be a rock or mineral that contains valuable constituent, can be extracted or mined and sold for profit. Mining in a wider sense includes extraction of any non-renewable resource such as petroleum, natural gas, or even water.

Valmet Oyj, a Finnish company, is a developer and supplier of technologies, automation systems and services for the pulp, paper and energy industries.

Dresser Industries was a multinational corporation headquartered in Dallas, Texas, United States, which provided a wide range of technology, products, and services used for developing energy and natural resources. In 1998, Dresser merged with its main rival Halliburton. Halliburton sold many of former Dresser non "oil patch" divisions, retaining the M W Kellogg Engineering and Construction Company and the Dresser oil-patch products and services that complemented Halliburton's energy and natural resource businesses. In 2001 Halliburton sold five separate, but somewhat related former Dresser non "oil patch" divisions, to an investment banking firm. Those five operations later took the name "Dresser Inc." In October 2010, Dresser Inc., was acquired by General Electric. It is headquartered in Addison, Texas.

Cargotec Oyj is a Finnish company that makes cargo handling machinery for ships, ports, terminals and local distribution.

<span class="mw-page-title-main">National Mineral Development Corporation</span> Indian public sector mining company

NMDC Limited, formerly National Mineral Development Corporation, is an Indian public sector undertaking involved in the exploration of iron ore, copper, rock phosphate, limestone, dolomite, gypsum, bentonite, magnesite, diamond, tin, tungsten, graphite, coal etc. It is India's largest iron ore producer and exporter, producing more than 35 million tonnes of iron ore from three mechanized mines in Chhattisgarh and Karnataka. It also operates the only mechanized diamond mine in the country at Panna in Madhya Pradesh.

<span class="mw-page-title-main">Kone</span> Finnish elevator manufacturer and engineering company

Kone Oyj is an elevator engineering company employing over 60,000 personnel across 60 countries worldwide. It was founded in 1910 and is now headquartered in Helsinki, Finland, with its corporate offices located in Espoo. In addition, Kone builds and services moving walkways, automatic doors and gates, escalators, and lifts. In the Finnish language, Kone means "machine".

<span class="mw-page-title-main">Flowserve</span> Multinational Industrial Supply Company

The Flowserve Corporation is an American multinational corporation and one of the largest suppliers of industrial and environmental machinery such as pumps, valves, end face mechanical seals, automation, and services to the power, oil, gas, chemical and other industries. Headquartered in Irving, Texas, which is in the Dallas–Fort Worth Metroplex, Flowserve employs close to 16,000 employees in more than 50 countries. Flowserve sells products and offers aftermarket services to engineering and construction firms, original equipment manufacturers, distributors, and end users. The Flowserve brand name originated in 1997 with a merger of BW/IP and Durco International.

<span class="mw-page-title-main">Valmet Automotive</span> Finnish automotive company

Valmet Automotive is a Finnish vehicle contract manufacturer and supplier of battery, roof, and kinematic systems.

Larox, founded in 1977 and headquartered at Lappeenranta, Finland, was a Finnish engineering company that developed, designed and manufactured industrial filters for use in mining and metallurgy, chemical processing and related industries.

Outotec Oyj was a Finnish company, headquartered in Espoo, aimed at providing technologies and services for the metal and mineral processing industries. In 2020 Outotec merged with Metso Minerals and new company is called Metso Outotec.

FLSmidth & Co. A/S is a Danish multinational technology company based in Copenhagen, Denmark. With almost 11,000 employees worldwide, it provides the global mining and cement industries with equipment and services. For the mining industry, the company provides technology for copper, gold, nickel, zinc and lithium mining, and for the cement industry, it provides technology for cement production. FLSmidth is listed on NASDAQ OMX Nordic Copenhagen in the C25 index and has offices in more than 60 countries worldwide.

Niklas Savander is a Finnish businessman currently active as a Chairman and Private Equity adviser. Savander was previously President and CEO of Elekta AB a Swedish listed company focused on Cancer treatment systems. Before his Elekta presidency Savander was the Executive Vice President of the markets unit of Nokia Corporation. Savander became a member of the Nokia Group executive Board in 2006, having joined the company in 1997.

<span class="mw-page-title-main">Citec</span> Finnish engineering company

Citec is a company that provides plant and product engineering, engineering consultancy as well as in technical documentation. The company trades within energy, process, oil & gas and machinery & equipment sectors.

<span class="mw-page-title-main">Cameron International</span> American oilfield services company

Cameron International Corporation (formerly Cooper Cameron Corporation (CCC) and Cooper Oil Tool, Cameron Iron Works) though now operating under Schlumberger, is a global provider of pressure control, production, processing, and flow control systems as well as project management and aftermarket services for the oil and gas and process industries. Cameron was acquired by Schlumberger (SLB) in 2016, and now operates as 'Cameron, an SLB Company.' At the start of the SLB acquisition in 2015, Cameron employed approximately 23,000 people and delivered $9.8 billion in revenue.

<span class="mw-page-title-main">Sensor-based sorting</span>

Sensor-based sorting, is an umbrella term for all applications in which particles are detected using a sensor technique and rejected by an amplified mechanical, hydraulic or pneumatic process.

Solidium Oy is a Finnish state-owned investment company. Founded in 1991, Solidium's original purpose was to manage the property of SKOP Bank, which went bankrupt in the early 1990s recession.

Nordberg Manufacturing Company was a manufacturer of steam engines, large diesel engines, pumps, hoists and compressors for the mining and quarry industries located in Milwaukee, Wisconsin.

Maija-Liisa Friman is a Finnish business executive who has served on the boards of several Finnish companies. In recent years, the Finnish weekly magazine Talouselämä has listed her as one of the most powerful Finnish women in business.

Metso Corporation is a Finnish publicly traded company that was established in 2020 when Outotec and Metso Minerals merged. The company is focusing on providing technology and services for mining, aggregates, recycling and metal refining industries.

Neles Oyj was a Finnish publicly traded company offering flow control products and services for process industries. The Neles trademark was originally filed in 1956 by Finnish engineers Antti Nelimarkka and Eino Santasalo. In July 2019, it was announced that Metso Minerals and Outotec would merge in 2020 into a new large mineral company called Metso Outotec. At the same time, the remaining Metso was transformed into Neles. The company started operations on 1 July 2020.

References

  1. 1 2 "Financial Statement 2019" (PDF). Metso. Retrieved 6 February 2020.
  2. "Metso Corporation and Outotec Oyj will complete the combination of Outotec and Metso's Minerals business". Valmet . 2020. Retrieved 16 October 2023.
  3. 1 2 "Metso Corporation's partial demerger has been registered – Metso Corporation and Outotec Oyj have completed the combination of Metso's Minerals business and Outotec". Metso Outotec. Retrieved 8 July 2020.
  4. "Metso Corporation's partial demerger has been registered". Neles.com. Retrieved 8 July 2020.
  5. "Valmet completes 14.9% ownership acquisition of Neles". www.valmet.com. Retrieved 20 July 2022.
  6. "Metso is acquiring a manganese steel foundry in China". Metso. Retrieved 21 September 2016.
  7. "Metso's demerger approved by the Extraordinary General Meeting". metso.com/news. Metso. Retrieved 22 September 2016.
  8. "Metso Corporation's holding in Valmet Automotive to be reduced as part of internal asset restructuring". Metso.com news. Metso. Retrieved 22 September 2016.
  9. "Divestment of Metso's Process Automation Systems business to Valmet completed". Metso.com news. Metso. Retrieved 22 September 2016.
  10. "Outotec Oyj and Metso Corporation have received all regulatory approvals for the combination of Outotec and Metso Minerals – completion expected to take place on June 30, 2020". Metso Outotec. Retrieved 8 July 2020.
  11. "Metso acquire Brouwer Engineering". agg-net.com. 24 July 2023. Retrieved 9 August 2023.
  12. 1 2 "Metso's management on Metso's website". Metso. Archived from the original on 7 July 2016. Retrieved 10 October 2017.
  13. "Decisions taken by Metso's Annual General Meeting 2019 and Metso's Board of Directors". Metso. Retrieved 25 April 2019.
  14. "Mining and Construction on Metso's website". Metso. Archived from the original on 9 February 2013. Retrieved 14 May 2013.
  15. 1 2 "Metso share on Metso's website". Metso. Archived from the original on 17 January 2013. Retrieved 29 October 2012.
  16. "Top shareholders on Metso's website". Metso. Retrieved 12 October 2016.