Valmet

Last updated
Valmet Oyj
Company type Julkinen osakeyhtiö
Nasdaq Helsinki:  VALMT
IndustryTechnology, services & automation solutions for pulp, paper, energy sectors and various process industries
FoundedDecember 2013
Headquarters
Espoo
,
Finland
Key people
Revenue€4,995 million (2023) [2]
€507 million (2023) [2]
€473 million (2023) [2]
Number of employees
19,160 (2023) [2]
Website www.valmet.com

Valmet Oyj, a Finnish company, is a developer and supplier of process technologies, automation systems and services for the pulp, paper, energy industries. Flow control serves a wider base of process industries.

Contents

History

1999–2012 Valmet and Rauma merge as Metso

At the end of 2009, Metso acquired Tamfelt Corporation, one of the world's leading suppliers of technical textiles. [3] [4]

Valmet 2020–

At the end of June 2020, Neles was separated from Metso. The State of Finland sold its share of 15 per cent to Valmet. [5] In mid-July, the Swedish company Alfa Laval made an offer to buy Neles. Valmet's CEO Laine rebuked the board of Neles for ill-advised actions and accepting a price that was too low. Laine had previously managed the business operations of Neles and thought that Valmet could in time have bought more of its stock. Alfa Laval's CEO said that they had bought Neles at a “pandemic discount,” and the front page of the Swedish financial newspaper Dagens Industri celebrated that Sweden would soon own Finland's industry. Valmet started buying Neles stock. By the autumn, Valmet owned nearly 30 per cent of the stock. Alfa Laval only received the support of a third of Neles owners for its takeover bid, and withdrew from the competition in November. [5]

In January 2021, Valmet reported that it would supply the mills of the Swedish company Renewcell with equipment to produce dissolving pulp from recycled clothes and textiles. [6] In May, Valmet announced that it would deliver drying technology to Spinnova, which produces textile fiber from cellulose. [6] Valmet equipment for the textile industry is in high demand in Europe, because the collection of discarded textiles for recycling must be organized in the EU countries by 2025. Valmet had been developing recycling technology with Renewcell for years, and the companies constructed a pilot plant and a factory in Sundsvall together. [6] In July 2021, Valmet and Neles agreed to merge. [7] Neles owners obtained 18.8 per cent of the merging company. The companies’ synergies were considered to be substantial during the transaction. Neles was thought to help increase sales in automation systems, while its products were also to be sold to the paper industry. [5]

Neles merged into Valmet in April 2022, becoming Valmet's fifth business line, Flow Control. [8] The companies had several managers and employees who knew each other from Metso days. After the merger, the company had 17,000 employees, 3,000 of whom came from Neles. [9]

In February 2024, it was announced that President and CEO Pasi Laine would be retiring at the end of September 2024. Danish CEO of Mediq, Thomas Hinnerskov, was chosen by Valmet's board of directors to lead the company as the new President and CEO. [10]

In October 2024, Velmet announced that is it cutting 112 jobs to improve "profitability and competitiveness of the business operations.". [11] This comes after a net profit of 157 million euros in Q1-Q2 2024. [12]

See also

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References

  1. ↑ "Valmet's Board of Directors". www.valmet.com. Retrieved 2020-05-07.
  2. 1 2 3 4 "Annual Report 2023, Financial statements" (PDF). Valmet. Retrieved 17 October 2022.
  3. ↑ "Metso-acquired Tamfelt Corp. established as Fabrics business line". www.valmet.com. Retrieved 2021-09-17.
  4. ↑ "Metso Corporation Financial Statements 2009" (PDF). cision.com. Retrieved 23 July 2023.
  5. 1 2 3 "Vuosi sitten Pasi Laine voitti taistelun Neleksestä, ja nyt Valmetin pitää päättää, mitä se yhtiöllä haluaa tehdä". www.hs.fi (in Finnish). 4 November 2021. Retrieved 2022-11-30.
  6. 1 2 3 "Tekstiilien kierrätys on kuuma kasvualue, ja yritykset tietävät sen, sellutehtaita tekevä Valmet opettelee nyt käsittelemään vaate-ätettä". www.hs.fi (in Finnish). 6 June 2021. Retrieved 2022-11-30.
  7. ↑ "Nyt se on varmaa: Valmet ja Neles sulautuvat, Valmetin osake putosi uutisen jälkeen – "Markkinat eivät hahmota Valmetin logiikkaa"". www.hs.fi (in Finnish). 2 July 2021. Retrieved 2021-08-10.
  8. ↑ "Valmetin ja Neleksen fuusio astuu voimaan ja Neles purkautuu". www.kauppalehti.fi (in Finnish). Retrieved 2022-04-01.
  9. ↑ "Valmetin odottama Neles-fuusio vahvistaa yhtiön "pyhää kolminaisuutta" – Venttiileistä haetaan nyt uutta ponnahduslautaa etenkin automaatiolle". www.kauppalehti.fi (in Finnish). Retrieved 2022-07-26.
  10. ↑ "Inside information: Thomas Hinnerskov appointed President and CEO of Valmet". www.valmet.com. Retrieved 2024-06-20.
  11. ↑ "Finnish firm Valmet announces 112 redundancies". www.yle.fi. Retrieved 2024-10-23.
  12. ↑ "Valmet's reports and presentations from 2024". www.valmet.com.
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