Metso’s Board of Directors has signed a demerger plan to separate Metso’s Pulp, Paper and Power business into a separate listed company to be named Valmet Corporation. The demerger will require the approval of Metso’s Extraordinary General Meeting. If approved, the planned registration date of the demerger will be December 31, 2013.

Pasi Laine (born 1963) is currently President of Metso’s Pulp, Paper and Power business, and he will continue in this position until assuming the duties of the President and CEO of the new company. He has been a member of the Metso Executive Team since 2006.

"Metso's Board of Directors has studied the requirements of the new position carefully and has considered both external and internal candidates. Our target has been to find the best possible person for the role of President and CEO of Valmet Corporation. Pasi Laine has had a long and successful career at Metso, holding various management positions in Metso’s Automation and Pulp, Paper and Power businesses", says Jukka Viinanen, Chairman of the Board of Directors of Metso.

"It is an honor to be given this new opportunity to develop Metso’s Pulp, Paper and Power business as an independent company and implement our business strategy and accelerate growth. Our goal is to be the leading global technology and service provider for the pulp, paper and power industries. The new Valmet will be a modern and dynamic listed company", says Pasi Laine.