Metso, the leading Finnish industrial machinery company, is currently in the news for announcing its latest strategy of moving its section of Pumps business under the Minerals segment. Apparently, the company’s latest move comes as a major effort to support the common customer interface as well as the expansion plans of its Pumps business.
According to sources close to the matter, the Pumps business area was previously reported to fall under the segment of Flow Control along with Valves. Metso is now expected to continue reporting externally under the two different segments, Flow Control and Minerals. According to an official press release by Metso, the company will also run its operations through as many as seven business areas, which are grouped under the two distinct segments.
It has also been reported that Metso’s Pumps business area and the Minerals segment have a majority of common customers and, the sales are known to be already operational under the market area structure of Minerals. Reportedly, the Pumps business area is most likely to be led by Mikko Keto, the President of the Minerals Services business area of Metso, while John Quinlivan is expected to continue as the President of Metso’s Valves business area.
Metso’s Pumps business will be reported under the Minerals segment, as of 1st January 2019. The company will further provide comparable information for the year 2018, based on the new segment structure, by the end of 2019’s first quarter.
Metso, for the record, is a globally recognized industrial company that provides various equipment & services for the sustainable flow and processing of natural resources in the industry segments of aggregates, mining, process and recycling. The company, headquartered in Helsinki, Finland, helps its customers to reduce risks in business, improve their operational efficiency and enhance profitability.
Nasdaq-listed Metso, which employs more than 13,000 people in over 50 countries worldwide, witnessed sales of around EUR 3.2 billion last year.