Neles Corporation has decided on a new operating model and organization, effective from February 7, 2022. The new organization is designed to accelerate strategy implementation by strengthening Neles' long-term offering development and diversification to new customer industries. The other main objective of the change is to better align Neles' organization and processes with the specific requirements of customer segments.

"Becoming a leading diversified valve and valve automation company reinventing reliability in flow control is based on our ability to constantly innovate, improve, and expand our presence in new customer industries and segments. While the fundamentals of Neles' strategy and business portfolio remain unchanged, we will implement a new organizational structure in which business lines are built based on a more customer-centric approach. This will also allow us to drive growth in markets where there is untapped growth potential and improve our ability to serve our customers throughout the life cycle of their plants," says Simo Sääskilahti, Interim President and CEO of Neles.

"We will further strengthen the business processes in project delivery and management as well as Maintenance and Repair Operations (MRO) businesses while maintaining the focus in developing capabilities in Services and in Valve Controls and Actuators. Additionally, we'll increase our focus on innovation and industry-specific offering development to provide better solutions for sustainability, efficiency, and productivity for our customers," he continues.

• Projects
• MRO and Service
• Valve Controls and Actuators

A new global function, Products and Solutions, will focus on developing and implementing industry-specific strategies and offering, including product management, and R&D.

Neles' operating model also continues to include global operations, corporate functions and four market areas.

Tuomo Paukkula has been appointed as Head of the Projects business line and a member of Neles' executive management team as of February 7, 2022. He is currently VP, Project Business at Neles. Tuomo Paukkula's CV is attached to this release.

Other members of the executive management team remain unchanged with few changes in individual roles: Sami Nousiainen, MRO and Service; Kalle Suurpää, Valve Controls and Actuators; Jon Jested-Rask, Products and Solutions; Kevin Tinsley, Global Operations; Timo Hänninen, EMEIA market area; Patrick Dunn, North America; Fabio Maia; South America, Tan HangPheng, APAC; Elisa Erkkilä, Legal and Compliance; Hanne Peltola, Human Resources; and Kaisa Voutilainen, Communications and Marketing.

All executive management team members will report to Neles' Interim President and CEO Simo Sääskilahti. The change does not impact Neles' financial reporting.

NELES CORPORATION

For further information, please contact:

Communications, tel. +358 400 188414

Investor relations, tel. + 358 400 954141

Distribution:

Nasdaq Helsinki

Media

www.neles.com

Neles is one of the leading providers of mission-critical flow control solutions and services for process industries. With our global team of experts and innovative solutions, we help our customers to improve their process performance and ensure the safe flow of materials. Neles is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 576 million in 2020. Neles employs about 2,950 people in approximately 40 countries.

www.neles.com, twitter.com/nelesflow