Simo Sääskilahti (M.Sc. Engineering, M.Sc. Economics) has been appointed Senior Vice President, Finance for Metso’s Valves business area. During the course of creating Neles Corporation (see below for details of the transaction), he will be nominated Chief Financial Officer of Neles, which will continue Metso’s listing on Nasdaq Helsinki.
He will start in the new position on October 15th, 2019, and will report to Olli Isotalo, President of the Valves business area and the future CEO of Neles.
Simo Sääskilahti joined Metso in 2011 and he has had several top management positions in the company, most recently serving as Senior Vice President, Valves Equipment in the Valves business area.
Prior to his career in Metso, he has worked in management consulting and held management positions in the software business.
The planned transaction in brief
On July 4, 2019, Metso announced that its Board of Directors has approved a plan to combine Metso Minerals Business and Outotec to create Metso Outotec. As a result, the Flow Control business will become the continuing business of the currently listed Metso, which will be subsequently renamed Neles, an independent flow control equipment and services company. The transaction will be executed through a partial demerger of Metso in which all assets and liabilities of Metso that relate to, or primarily serve, the Metso Minerals Business will transfer without liquidation of Metso to Outotec. The completion of the transaction is expected in the second quarter of 2020, subject to the approval by the EGMs of both Metso and Outotec, convened to be held on October 29, 2019, the statutory creditor hearing process and receipt of all required regulatory and other approvals.