Valmet Oyj's press release on November 3, 2023 at 8:00 a.m. EET
ESPOO, Finland, Nov. 3, 2023 /PRNewswire/ -- Valmet has completed the acquisition of Körber's Business Area Tissue, the provider of innovative process technologies and related services for converting tissue jumbo reels into final tissue products. The closing of the transaction follows the agreement that was announced on July 7, 2023.
Tissue Converting forms a business unit in the Paper business line
By combining the complementary offering and competencies of Valmet and the acquired business, Valmet creates the markets' widest technology, automation and services offering for the growing tissue industry covering the entire tissue value chain from fiber to finished products.
The new Tissue Converting business will operate as a business unit integrated in Valmet's Paper business line. It focuses on delivering and serving converting lines for rolled and folded tissue products, packaging equipment and on providing digital solutions and services. The acquired business enables Valmet to serve the tissue industry with wider expertise, process technologies and services covering end-to-end solutions including automation systems and flow control equipment.
Pasi Laine, President and CEO of Valmet said,
"Today we are happy to welcome the market leader in tissue converting and close to 1,200 new dedicated colleagues to Valmet. The acquisition is a good strategic fit and complements Valmet's tissue making offering with strong expertise and complete solutions from tissue converting to packaging. By entering the tissue converting business, we take again a step forward with strengthened capabilities to serve our global customers even better."
Oswaldo Cruz Junior, Head of Tissue Converting business unit, Valmet said.
"Today marks the beginning of an important new chapter in our history, and we are very excited to be joining Valmet. Being part of Valmet will support the growth of our operations in the tissue converting business and allow us to boost innovative projects. Now we can be even closer to customers as a one stop shop market leader."
Details of the transaction
The enterprise value of the acquisition is approximately EUR 380 million on a cash and debt free basis subject to ordinary post-closing adjustments. The acquisition was completed on November 2, 2023.
Valmet estimates that the acquisition will bring sales, service and cost synergies worth of EUR 8 million by the end of 2026. In Valmet's reporting, the process technology part of the business will be consolidated to Paper business line and the services part to the Services business line.
VALMET
Corporate Communications
For further information, please contact:
Petri Rasinmäki, Business Line President, Paper, Valmet, tel.+358 40 558 6555
Anu Salonsaari-Posti, Senior Vice President, Communications, Marketing and Sustainability, tel. +358 40 453 4262
Pekka Rouhiainen, Vice President, Investor Relations, Valmet, tel. +358 10 672 0020
Valmet is a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. With our automation systems and flow control solutions we serve an even wider base of process industries. Our more than 19,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. Valmet's net sales in 2022 were approximately EUR 5.1 billion.
Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
Follow us on valmet.com | X | X (IR) | LinkedIn | Facebook | YouTube | Instagram |
Processing of personal data
View original content:https://www.prnewswire.co.uk/news-releases/valmet-has-completed-the-acquisition-of-korbers-business-area-tissue-301976846.html
