Metso has announced its decision to develop the businesses of Minerals and Flow Control segments separately, in addition to the appointment of Olli Isotalo as president of the Valves business area.
The announcement was made after the board of directors ‘defined its view on the company’s portfolio strategy’, deciding to develop the two businesses as separate divisions.
”All Metso’s businesses and the two segments that are composed of these, have attractive growth opportunities in the coming years,” said president and CEO Pekka Vauramo. “Capitalising on these opportunities will call for efficient decision-making and allocation of resources.
“However, our businesses have significant differences relating to, for example, customers, cyclicality, growth drivers, sales channels and product development. This is why we made the decision to develop Minerals and Flow Control strategies separately from each other.
In addition, Minerals and Flow Control share a limited amount of synergies, the majority of which are administrative, thus the separation will make the preparation and implementation of their respective strategies more efficient.”
Metso’s Minerals segment includes equipment and services sold to mining and aggregates customers, as well as its recycling business, while the Flow Control area covers valves and related services.
The board of directors also announced the appointment of Olli Isotalo as president of the company’s Valves business area, effective from 15 July.
Isotalo has previously served as CEO of Patria Oyj and held various executive positions with Cargotec. He will become a member of the Metso executive team in this new position.
”I am very pleased that we can utilise Olli Isotalo’s expertise and experience in preparing and further implementing the strategy of the Valves business,” said Vauramo.
”I am excited to join the Valves business area, which has consistently reported good results and has seen overall strong development over the past years,” added Isotalo. “I eagerly look forward to developing a new strategy and creating new growth opportunities for Valves together with its skilled and motivated personnel.”
The current president of Valves business, John Quinlivan, will continue as senior advisor until the end of 2019 and will support Isotalo during the transition period.
“I would like to thank John, both personally and on a behalf of Metso, for his dedication and excellent contribution to Valves’ business success during his long career,” added Vauramo.