Valmet Oyj's press release on April 2, 2024 at 3:00 p.m. EEST
ESPOO, Finland, April 2, 2024 /PRNewswire/ -- Valmet has completed the acquisition of the Process Gas Chromatography & Integration business from Siemens AG. The closing of the transaction follows the agreement that was announced on July 17, 2023.
The Process Gas Chromatography & Integration business of Siemens AG is a market leader with its MAXUM II Gas Chromatograph platform, Systems Integration, and Customer Services offering. Gas Chromatographs are used to measure the chemical composition in gases and evaporable liquids in all stages of production. With deep customer process knowledge in chemicals, liquefied natural gas (LNG), refining and biofuels, the business provides critical process insights to support its customers in ensuring and improving quality, sustainability, and safety worldwide. The business employs around 300 people, and its main locations are in the USA, Germany, and Singapore.
The acquisition is in line with Valmet's strategy and will further strengthen Valmet's automation segment and process automation offering with process industry gas chromatograph and process analyzer systems offering. It also strengthens Valmet's Automation Systems business footprint in North America, Asia-Pacific, and Europe. The acquired business is integrated into Valmet's Automation Systems business line as a business unit called Analyzer Products and Integration.
"The acquisition was completed as planned and we are very happy to welcome the new colleagues as well as the former Siemens Process Gas Chromatography & Integration's customers to Valmet. The acquired business complements our automation offering well, opening the opportunity to serve both businesses' current and future process automation customers with a wider offering," says Emilia Torttila-Miettinen, President, Automation Systems business line at Valmet.
"Today is a monumental milestone in our history, as the acquisition of our Gas Chromatography & Integration business by Valmet is now finalized. Valmet has demonstrated its commitment to our MAXUM II Gas Chromatograph technology, customers, and employees throughout this process, and we are confident that aligning with an organization that embraces our value will lead to sustained mutual success. On behalf of all our associates around the world, we are excited to begin this new journey as part of Valmet's Automation Systems business line," says Glen Irving, Vice President, Analyzer Products and Integration business unit, Automation Systems business line, Valmet.
Details of the transaction
In FY2022, net sales of the business amounted to approximately EUR 120 million. The value of the acquisition is EUR 102.5 million on a cash and debt-free basis, subject to ordinary post-closing adjustments. The acquired business will be included in Valmet's financial reporting for the first time in Valmet's second quarter 2024 financial reporting.
VALMET
Corporate Communications
For further information, please contact:
Toni Saarnio, Vice President, Strategy and Business Development, Automation Systems business line, Valmet, tel. +358 40 588 4122
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 2023 were approximately EUR 5.5 billion.
Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
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