Stock Exchange release December 1, 2003 10:12:44 AM CET

Jorma Eloranta appointed as new President and CEO of Metso Corporation

Metso Corporation's Board of Directors has decided in its meeting on November 28, 2003 to appoint Jorma Eloranta, M.Sc. (Tech.), President and CEO of Metso Corporation. Jorma Eloranta will start in his new position on March 1, 2004.
Jorma Eloranta is currently President and CEO of Kvaerner Masa-Yards Inc. Under his leadership Kvaerner Masa-Yards has executed a significant turnaround program and improved its profitability to a good level. Prior to his current position, he has been President and CEO of Patria Industries Group, Deputy Chief Executive of Finvest Group and Jaakko Pöyry Group as well as President of Finvest Oy.
"Metso is the market leader of papermaking lines and rock and minerals processing systems. To become the market leader, you must have not only products and services the customer rates the best but also the most cost-efficient way of operating. The starting point is to ensure that the development of Metso's strengths is customer-driven, and that Metso continuously improves its technology leadership and competitiveness. This will enable improved profitability and cashflow and increased shareholder value. Metso's ongoing efficiency improvement programs will naturally continue at full speed, " says Jorma Eloranta.
After Jorma Eloranta starts in his new position as the Corporation's President and CEO, Olli Vaartimo, Executive Vice President and CFO, who has been acting President and CEO of Metso Corporation, will continue as Metso's Executive Vice President, CFO and deputy to CEO.
Metso Corporation is a global supplier of process industry machinery and systems, as well as know-how and aftermarket services. The corporation's core businesses are fiber and paper technology (Metso Paper), rock and mineral processing (Metso Minerals) and automation and control technology (Metso Automation). In 2002, the net sales of Metso Corporation were EUR 4.7 billion and the personnel totaled approximately 28,500. Metso Corporation is listed on the Helsinki and New York Stock Exchanges.

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