Moisio proposed as board chair of independent Neles Corporation
Helsinki, Finland - Jukka Moisio (b.1961, M.Sc. Econ., MBA) has been proposed as chair of the board of directors of the future Neles Corporation.
Moisio has previously served as CEO of Huhtamäki Oyj (from 2008 to 2019) and Ahlstrom Oyj (from 2004 to 2008), in addition to many other management positions at Ahlstrom Oyj (from 1991 to 2004).
Metso’s nomination board will submit its proposal regarding Moisio’s election to its board of directors, which will make the final proposal to Metso’s annual general meeting of shareholders to be held in March 2020. The nomination board will publish its proposal on the complete composition of the Neles board in January 2020. According to the nomination board, making the proposal relating to the chair of the board and publishing it earlier supports the preparation process of the independent Neles Corporation.
The future Neles Corporation is planned to be created in a partial demerger of Metso, in which Metso’s mineral businesss would combine with Outotec to create Metso Outotec. Simultaneously, Metso’s flow control business would become the continuing business of the currently listed Metso, and subsequently renamed Neles. The partial demerger is targeted to be completed in the second quarter of 2020, subject to the receipt of all required regulatory and other approvals. The extraordinary general meetings of both Metso and Outotec approved the transaction on October 29, 2019.
The future Neles Corporation is a well-known flow control solutions and services provider to the oil and gas refining, chemicals, pulp, paper and bioproducts, and other process industries.