Valmet has completed the acquisition of Process Automation Systems
Valmet Corporation's stock exchange release on April 1, 2015 at 12:00 noon EET
Valmet has completed the acquisition of Process Automation Systems business from Metso, announced on January 15, 2015. Valmet has received the necessary approvals from the competition authorities. The enterprise value of the acquisition is EUR 340 million, and it is financed with committed long-term financing.
Automation is Valmet's fourth business line
According to Valmet's new organizational structure, the acquired business forms Valmet's fourth business line, Automation. Valmet will continue to report its financial results as one segment, and Automation business line will be included in reporting starting from April-June 2015 Interim Review. Orders received, net sales and personnel will be reported for all business lines and areas. Mr. Sakari Ruotsalainen, M.Sc in Engineering, has been appointed President of Automation business line.
Guidance remains unchanged
The completion of the acquisition of Process Automation Systems has no effect on Valmet's guidance for 2015, which was given on February 6, 2015. Valmet estimates that, including the acquisition of Process Automation Systems, net sales in 2015 will increase in comparison with 2014 (EUR 2,473 million) and EBITA before non-recurring items in 2015 will increase in comparison with 2014 (EUR 106 million).
Pasi Laine, President and CEO of Valmet: Valmet is a unique combination of technology, process know-how and automation
"The acquisition was completed according to our plan, and we welcome approximately 1,600 new colleagues to Valmet. We are now a technology and service company with full automation offering. The unique combination of Valmet's technology, process know-how and automation offers good possibilities to move our customers' performance forward and serve our customers even better," says Pasi Laine, President and CEO of Valmet.
Further information, please contact:
Hanna-Maria Heikkinen, VP, Investor Relations, Valmet, tel. +358 10 672 0007
VALMET CORPORATION
Markku Honkasalo
CFO
Hanna-Maria Heikkinen
VP, Investor Relations
Valmet is the leading global developer and supplier of technologies, automation and services for the pulp, paper and energy industries. Valmet's vision is to become the global champion in serving its customers.
Valmet's services cover everything from maintenance outsourcing to mill and plant improvements and spare parts. The strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bio-energy production. Valmet's advanced automation solutions range from single measurements to mill wide turnkey automation projects.
Valmet's net sales in 2014 were approximately EUR 2.5 billion. Our 12,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the NASDAQ OMX Helsinki Ltd.
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