Finnish engineering group Valmet said Chief Financial Officer Kari Saarinen has decided to resign because of trades in shares in valve maker Neles, which Valmet has taken over. Valmet said in a statement Saarinen's decision to leave his job was "due to his share trades in Neles during the merger process and to minimise the negative impacts of this on Valmet's reputation." "All executive team members should have used good judgment and refrained from trading in shares while merger discussions and preparations were ongoing," Valmet said.
Germany's Sono Motors has signed up a new partner for its partly solar-powered cars and is sticking to its goal of commercial production in 2023, after abandoning talks with the electric carmaking arm of indebted Chinese property developer Evergrande. Sono said on Tuesday it would produce its first vehicles in Finland with supplier Valmet Automotive, rather than in Sweden as originally envisaged. The company had said in 2019 its production partner would be National Electric Vehicle Sweden (NEVS), the Swedish electric vehicle unit of Evergrande Group, but a binding agreement was not signed.