Metso Outotec ends wind down and discontinues business in Russia
25 April 2023
Finland-based international sustainable technology specialist Metso Outotec has discontinued its business in Russia after a winding down process that started last year.
The company has not taken any new orders from Russia since the invasion of Ukraine 14 months ago and said it has fully complied with all applicable sanctions against Russia.
Metso Outotec CFO Eeva Sipilä. (Photo: Metso Outotec)
It also booked a one-off charge of €150 million (US$160 million) into its accounts in the second quarter of 2022 to cover the cost of winding down existing contracts with non-sanctioned customers.
Also this week, American credit rating agency S&P Global has upgraded Metso Outotec’s credit rating to BBB (stable outlook).
The upgrade, which was based on a range of factors including portfolio rationalisation and proactively managing costs, was welcomed by CFO Eeva Sipilä.
“We are very pleased of this upgrade, which confirms the solid delivery on the integration as well as on improving our financial performance,” Eeva said.
“One of our financial targets is to have an investment grade credit rating, and the BBB rating from S&P makes our rating even more solid.”
Recent development at Metso Outotec include doubling its screening capacity in Brazil and signing a distribution contract with Process Machinery Company Inc in the Philippines.
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