HELSINKI, Finland, June 6, 2006 (PRIMEZONE) -- Metso's organization, Executive Team and their areas of responsibility will change as follows as of August 1, 2006:
Risto Hautamaki will continue as President of Metso Paper. Fiber Business Line will, however, be separated from the business area.
Fiber Business Line will be integrated with Aker Kvaerner's Pulping and Power units after the acquisition has been closed. Bertel Langenskiold, currently President of Metso Minerals, has been appointed to head the businesses and the integration planning, which begins immediately.
As of April 1, 2007, Langenskiold will become President of Metso Paper, and the Fiber and Power businesses will become organizationally part of Metso Paper. Risto Hautamaki, who will retire in the beginning of 2008, will continue to work for Metso till the end of the year as Senior Executive, responsible for key account projects in the pulp and paper industry.
Matti Kahkonen has been appointed President of Metso Minerals. He is currently President of Metso Automation.
Pasi Laine has been appointed President of Metso Automation. He is currently President of Metso Automation's Field Systems business line.
Vesa Kainu, President of Metso Ventures, and Olli Vaartimo, Executive Vice President of Metso, will continue in their current areas of responsibility.
All the persons above will be members of Metso Executive Team and report to Jorma Eloranta, President and CEO of Metso and the chairman of the Metso Executive Team.
"This top-level job rotation brings new momentum to the execution of Metso's strategy of profitable growth while at the same time maintaining continuity within Metso," says Jorma Eloranta. He notes that on the short-term the goal is also to secure successful and fast integration of Aker Kvaerner's Pulping and Power businesses (AKPP) without risking the current positive development at Metso Paper.
The closing of the AKPP acquisition is still pending relevant regulatory approvals.
Metso is a global engineering and technology corporation with 2005 net sales of approximately EUR 4.2 billion. Its 22 000 employees in more than 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries.
The CVs and pictures of the members of Metso's new Executive Team can be downloaded on www.metso.com -- News and info -- Press releases.
It should be noted that certain statements herein which are not historical facts, including, without limitation, those regarding expectations for general economic development and the market situation, expectations for customer industry profitability and investment willingness, expectations for company growth, development and profitability and the realization of synergy benefits and cost savings, and statements preceded by "expects," "estimates," "forecasts" or similar expressions, are forward-looking statements. These statements are based on current decisions and plans and currently known factors. They involve risks and uncertainties which may cause the actual results to materially differ from the results currently expected by the company.
Such factors include, but are not limited to: (1) general economic conditions, including fluctuations in exchange rates and interest levels which influence the operating environment and profitability of customers and thereby the orders received by the company and their margins (2) the competitive situation, especially significant technological solutions developed by competitors (3) the company's own operating conditions, such as the success of production, product development and project management and their continuous development and improvement (4) the success of pending and future acquisitions and restructuring.