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Metso Corporation (HEL:MEO1V) Metso Corporation Company release on October 28, 2008 at 1:00 p.m.
The Board of Directors of Metso Corporation approved today a new, share-based incentive plan for the Metso Group management (Metso Share Ownership Plan 2009-2011). The plan is a part of the remuneration and commitment program for management and its purpose is to align the goals of the company's shareholders and key executives in the Group in order to enhance the value of the company. It also aims to ensure the commitment of key management and to offer them a competitive, ownership-based reward scheme.
The plan includes one three-year earning period, which will begin on January 1, 2009 and will end on December 31, 2011. The plan is targeted to approximately 100 key managers, including members of the Metso Executive Forum.
Participation in the new plan and receipt of the potential reward requires that, at the beginning of the earning period, the individual invests in Metso shares. The potential reward from the plan is based on the Metso Total Shareholder Return (TSR) and on the Earnings per Share (EPS) of the Metso Group. The maximum share reward is in relation to each individual's annual salary.
The amount earned in rewards will be determined on the basis of the achievement of targets after the financial statements have been prepared in the spring of 2012. Any rewards will be paid to those covered by the scheme in the first half of 2012. The reward will be paid in Metso shares. Any shares earned through the incentive plan must be held for a minimum of one year after the date of the reward payment.
The rewards to be paid on the basis of the plan will correspond to a maximum total of approximately 400,000 Metso Corporation shares. Final allocations and maximum total number of shares will be decided in December 2008. The shares to be transferred in possible rewards are Metso shares obtained in public trading, and therefore the incentive plan will have no diluting effect on the share value.
Metso is a global engineering and technology corporation with 2007 net sales of over EUR 6 billion. Its over 27,000 employees in approximately 50 countries serve customers in the pulp and paper industry, rock and minerals processing, the energy industry and selected other industries. www.metso.com
Further information for the press, please contact: Taina Sopenlehto, Senior Vice President, Human Resource Management, Metso Corporation, tel. +358 204 84 3003
Further information for investors, please contact: Johanna Sintonen, Vice President, Investor Relations, Metso Corporation, tel. +358 20 484 3253
Metso Corporation
Olli Vaartimo Executive Vice President and CFO
Kati Renvall Vice President, Corporate Communications
Distribution: NASDAQ OMX Helsinki Ltd Media www.metso.com
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