Metso shortens company name

The board of directors of the Finland-based equipment company known for the past three years as Metso Outotec has voted to change the company name to Metso Corp.

“After the successful integration of Metso and Outotec, we will focus on growing a strong unified Metso company and brand,” company President and CEO Pekka Vauramo says.

“We have combined two valuable companies into one strong Metso. Our focus is clear: we continue enabling sustainable modern life and transforming the industry with a clear strategy and strong culture, supported by a name that is short yet established and well recognized among all our stakeholders.”

Metso Corp. says Outotec will live on as a product brand after the change of the parent company name takes effect starting May 4.  “The visual identity of the company remains unchanged, but the new name is reflected in the company logo,” the company says.

Metso Corp.'s executive team also has been relabeled as the Metso Leadership Team (MLT).

Separately, Metso Corp. has issued a report on its first-quarter sales in which it reports “strong activity in the mining industry globally and the aggregates market in North America.”

The maker of mining, quarrying, metals production and aggregates recycling equipment saw an 8 percent increase in orders in the first quarter of 2023 compared with a year ago, with that figure checking in at more than $1.5 billion euros (nearly $1.7 billion).

Metso Corp.'s earnings before interest, taxes and amortization (EBITA) of 215 million euros ($237 million) is a 37 percent increase from a year ago.

“The group’s total orders increased 8 percent, driven primarily by 29 percent order growth in the Minerals services business,” Vauramo says. “This reflects strong market activity in our customer industries, particularly in the mining services and equipment. Demand was also strong in the North American aggregates market, while the demand in Europe was sequentially stable but lower year on year.”

Metso Corp. says both its Aggregates and Minerals segments reported record-high margins, while the profitability of the Metals segment continued at a good level in the first quarter of this year.

The company says it continues to act upon its strategic review of its metals businesses that found its “smelting business complements our sustainable copper and nonferrous metals market offering and therefore will continue to be developed as part of Metso Outotec.”

That same review recommended Metso Corp. divest its Metals & Chemical Processing and Ferrous & Heat Transfer businesses. 

Looking ahead, Metso Corp. says it expects its “overall market activity to remain at the current level, including the normal seasonality in the aggregates market.”