Metso and Outotec are to merge Metso Minerals with Outotec to create Metso Outotec, a major player in process technology, equipment and services serving the minerals, metals and aggregates industries.

Metso Flow Control will become a separately listed independent flow control equipment and services company named Neles.

In 2018, Metso Outotec had combined sales of €3.9 billion while Neles had sales of €593 million.

Metso Outotec will be headquartered in Helsinki, Finland and will maintain its listing on Nasdaq Helsinki.

Outotec chairman Matti Alahuhta said: “This is an industry-shaping combination that joins two uniquely complementary companies.”

“Metso Outotec will have capabilities that will enable us to drive sustainable growth, while providing our customers with high-quality technology, equipment and services that will ultimately improve their businesses,” said Metso CEO Pekka Vauramo. “We will have an extensive global presence, complementary offering, strong services and a large installed base.”

The deal is expected to be completed in the second quarter of 2020.