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Metso history
Metso company history timeline
Metso was created on 1 July 1999 through the merger of Valmet, a paper and board machine supplier, and Rauma, which focused on fiber technology, rock crushing and flow control solutions.
Metso Automation was founded 17 years ago, in the year 1999.
Metso then began to divest interests outside its core sectors in 2000 to concentrate more on the new fields.
Marsh, Peter, "Metso Has a Long Way to Go Before It Earns Its Wings," Financial Times, October 19, 2001.
In 2001, Metso took over the Swedish rock and minerals processing equipment maker, Svedala Industri AB.
Tor Bergman became the new President and CEO in 2001.
Forest machines (divested in 2001)
Seeking to create a uniform corporate image, Metso at the beginning of 2001 introduced uniform business names for its various operating units.
These operations were sold to Sandvik Aktiebolag later in 2001.
In 2001, Metso's net sales were EUR 4.7 billion, and it had 28,500 employees.
In 2002, Metso announced that it would not achieve its profit targets for two years, and a loss in excess of EUR 300 million was recorded for July–September.
In 2003, a loss of over EUR 200 million was recorded and in September 2003, President and CEO Bergman was forced to resign because of the company’s poor results.
Concerns about declining profitability and the way in which the company was being run led the Metso board to dismiss Bergman in September 2003.
He started in March 2004.
In March 2004 Jorma Eloranta was brought onboard as the new president and CEO. Eloranta had previously served in a similar capacity at Kværner Masa-Yards Inc., Finland's largest shipbuilder.
At the same time, the company launched a strategic review of its corporate structure, the results of which were released in February 2006.
Playing into this decision was an important acquisition unveiled in February 2006.
In August 2006 Shanghai-Chenming Paper Machinery Co.
Tamfelt which was acquired in 2009 was also founded in the 1700s.
In the first half of 2009, Metso laid off over 700 employees and shut down several small units in e.g.
In August of 2010, Metso bought the mining services division of the America-based Copperstate Industrial Services, in order to strengthen its position in the North American and Mexican market.
Matti Kähkönen was appointed the new President and CEO of Metso Corporation on March 1, 2011.
In August of 2011, Metso collaborated with Guodian Nanjing Automation, a Chinese manufacturer, for expanding its reach in the Chinese power automation control systems industry.
In August 2011, Metso entered into a joint venture agreement with the Chinese SAC, Guodian Nanjing Automation to support Metso’s strategy in the power automation control systems market in China.
On 1 September 2011, Metso announced that the Recycling business would be managed as a separate entity while Metso reviews other strategic alternatives for it.
In December 2011, Metso sold its workshop in Valkeakoski, Finland, with all related equipment and screen basket manufacturing.
In 2011, Metso inaugurated various new facilities and plants for valves, actuator manufacturing, and positioning, research & development as well as local services and customer training in Vantaa.
Despite the global economic uncertainty, Metso’s profitability grew steadily in 2011.
The services business, with a value of over three billion euros, accounted for about 40 percent of orders received in 2011.
In September 2012, Metso announced the need for a personnel reduction of more than 600 Finnish employees in several of its business units serving the paper industry and paper production.
On 25 October 2012, Metso announced that Metso Recycling will be integrated into Mining and Construction as of 1 December 2012.
In November 2012, Metso agreed to form a joint venture with China’s LiuGong Group to develop the track-mounted crushing business in China.
In December 2012 Metso closed the acquisition of United States software company ExperTune Inc.
In August 2013, Metso closed the acquisition of Chinese manganese steel foundry JX.
On October 1, 2013, the Extraordinary General Meeting approved the demerger of Metso into two companies.
In December 2013 Metso reduced its holding in Valmet Automotive to approximately 41%. As a result of this arrangement, Valmet Automotive ceased to be a Metso subsidiary.
At the start of 2014, Metso Corporation’s Mining and Construction business and Automation business formed the new Metso Corporation and Metso’s Pulp, Paper and Power business formed a new independent company under the name Valmet Corporation.
In 2015, Metso divested its Process Automation Systems (PAS) business to Valmet, focusing on their mining and aggregates industries operations and on the flow control systems manufacturing business.
In July 2019, it was announced that Metso and Outotec are planning to combine Metso’s Minerals business unit with Outotec.
Metso Outotec and Neles started operations on 1 July 2020.
Higher Information Group, LLC. © 2021
By Higher Information Group on February 3, 2022 | Success Stories
"Metso Corporation ." International Directory of Company Histories. . Retrieved June 21, 2022 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/metso-corporation
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Metso competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Cameron Welding Supply | 1963 | $8.8B | 35,000 | - |
| Wartsila Holding Inc | - | $120.0M | 506 | - |
| Hoffman Engineering | 1955 | $20.8M | 50 | - |
| Fives North American Combustion, Inc. | - | - | 50 | - |
| Emhart Glass | 1912 | - | 6 | - |
| Goulds Pumps | 2004 | $37.2M | 4,500 | - |
| Parkson | 1960 | $85.0M | 350 | 17 |
| Coperion | 1879 | $480.6M | 50 | - |
| Goss International | 1885 | $700.0M | 3,000 | - |
| Husky Injection Molding Systems Inc | 1953 | $8.6M | 50 | - |
Metso history FAQs
Zippia gives an in-depth look into the details of Metso, including salaries, political affiliations, employee data, and more, in order to inform job seekers about Metso. The employee data is based on information from people who have self-reported their past or current employments at Metso. The data on this page is also based on data sources collected from public and open data sources on the Internet and other locations, as well as proprietary data we licensed from other companies. Sources of data may include, but are not limited to, the BLS, company filings, estimates based on those filings, H1B filings, and other public and private datasets. While we have made attempts to ensure that the information displayed are correct, Zippia is not responsible for any errors or omissions or for the results obtained from the use of this information. None of the information on this page has been provided or approved by Metso. The data presented on this page does not represent the view of Metso and its employees or that of Zippia.
Metso may also be known as or be related to Metso, Metso Corp, Metso India Pvt Ltd., Metso Oyj and Metso USA Inc.