Home / Knowledge / News / Textiles / Metso splits in to two business units
Metso splits in to two business units
01
Oct '13
Metso Corporation’s Extraordinary General Meeting (EGM) held in Helsinki, October 1, 2013, approved the Board of Directors’ proposed plan for partial demerger and decided to demerge Metso into two companies. Metso’s Pulp, Paper and Power business will be transferred to the new company, Valmet Corporation, and Mining and Construction and Automation business will remain part of Metso.

The EGM also approved the Articles of Association for Valmet Corporation, the number of members of its Board of Directors, the composition of its Board and the remuneration to be paid to Board members, and the company’s Auditor and the fees payable to the Auditor, and authorized Valmet’s Board to purchase Valmet shares and decide on share issues.

The EGM also approved the number of members of Metso’s Board, the composition of the Board, and the remuneration to be paid to Board members following the completion of the demerger. The decisions of the EGM will be effective as of the registration date for the completion of the demerger, which is expected to be December 31, 2013, when the terms of office of the new Boards of Directors will also start.

Approval of the demerger plan and the demerger of Metso into two companies

The EGM approved the plan for partial demerger and Metso’s demerger into two companies. Under the demerger plan, all of Metso’s assets, debts, and liabilities relating to Metso’s Pulp, Paper and Power business will be transferred to the new company, Valmet Corporation that will be formed in the demerger. Metso’s Mining and Construction business and Automation business will remain part of Metso. Following the demerger, Valmet will be a separate and independent public listed company. The planned registration date for the completion of the demerger is December 31, 2013.

As part of the demerger decision, the EGM approved Valmet’s Articles of Association and decided to reduce Metso’s share capital by an amount equivalent to Valmet’s share capital, in other words by EUR 100,000,000, to EUR 140,982,843.80. The capital represented by the reduction in Metso’s share capital will used to distribute funds to Valmet.


Must ReadView All

UK retail firms urge Hammond to ease business rates burden

Textiles | On 20th Nov 2017

UK retail firms urge Hammond to ease business rates burden

Top British retail company CEOs have urged UK finance minister...

L-R: Surya Ajay Agarwal (Director - Donear), Vikram Mahaldar (MD - OCM) & Rahul Rajendra Agarwal (Director - Donear)

Textiles | On 20th Nov 2017

Promoters of Donear Group acquire OCM Woolen Mills

The promoters of Mumbai-based Donear Group have announced the...

Courtesy: Cornell

Textiles | On 20th Nov 2017

Cornell’s tech allows customisation of woven fabrics

Cornell Professor Steve Marschner and Rhode Island School of Design...

Interviews View All

Headhonchos
Indian textile value chain

'One nation, one tax' is a great concept

Md Hanifur Rahman
Aman Group

The level of understanding the job role and organisational requirements...

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search