https://www.engineeringnews.co.za

Mining gear maker Metso picks CEO from Finnair

21st May 2018

By: Reuters

  

Font size: - +

HELSINKI – Finnish engineering company Metso said on Monday it had picked Finnair CEO Pekka Vauramo as its new chief executive officer.

Vauramo is expected to bring stability to the business following the surprise departure of the previous CEO Nico Delvaux after less than a year in the job.

Vauramo helped Finnair return to growth after years of losses, and he has also worked for rival engineering group Sandvik. He is due to start in November.

"Pekka Vauramo has a proven track record in leading businesses facing competitive global markets, and he has long and extensive experience in the mining industry and in an international business environment," said Metso chairman Mikael Lilius.

Metso, a maker of grinding mills and crushers for mining companies as well as valves and pumps for the oil and gas industry, has been battling tough market conditions due to spending cuts by miners and uncertainty over growth in top metals consumer China.

However, in the first quarter, Metso beat analysts' profit expectations on the back of strong demand from India, China and North America.

The Finnish state is the largest owner in Metso and Finnair. Metso had sales of €2.7-billion last year, while Finnair generated a revenue of €2.6-billion.

Shares in both companies were flat after the announcement. Finnair said it will start the search for a new CEO today.

Edited by Reuters

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Latest News

Showroom

Trotech
Trotech

Design, Construction and Maintenance of Site Erected, Welded Bulk Storage Tanks for the Petrochemical, LNG, Ammonia and Sustainable fuel Sectors.

VISIT SHOWROOM 
Condra Cranes
Condra Cranes

ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.056 0.865s - 140pq - 2rq
Subscribe Now