Metso Oyj's Board Approves Demerger Plan
Metso Oyj announced that the Board has completed a strategy study, resulting in the signing of a demerger plan. The new parent company for Metso's Pulp, Paper and Power businesses will be named Valmet Corporation. The Board's strategy study concluded that going forward a demerger would offer the potential for Pulp, Paper and Power businesses as well as Mining and Construction and Automation businesses to utilize their respective strengths in their customer industries faster and more efficiently. Metso's Board has approved a demerger plan to transfer all the assets, debts and liabilities of Metso's Pulp, Paper and Power businesses to a newly-formed company that will be named Valmet Corporation. An application will be made to list the shares of Valmet on the NASDAQ OMX Helsinki stock exchange. Following the demerger, Metso's current Mining and Construction and Automation businesses would remain in the current company, which would continue to operate under the Metso name. Valmet would initially have the same ownership structure as Metso and would be totally independent without any cross-ownership between Metso and Valmet. If approved, the planned registration date of the completion of the demerger is December 31, 2013 and public trading in new Valmet shares on NASDAQ OMX Helsinki is expected to commence as soon as possible thereafter.
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