Espoo, Finland 01 April 2019 -- Valmet has today completed the acquisition of GL&V, which was announced on February 26, 2019. GL&V is a global provider of technologies and services to the pulp and paper industry. The enterprise value of the acquisition is approximately EUR 113 million on a cash and debt free basis subject to ordinary post-closing adjustments.
GL&V will be a part of the Services business line
The acquired business becomes a part of Valmet's Services business line. GL&V supplies technologies, upgrades and optimization services, rebuilds, and spare parts for the pulp and paper industry globally. The acquired operations had net sales of approximately EUR 160 million in calendar year 2018 and employ about 630 people.
GL&V will be included in Valmet's financial reporting for the first time in Valmet's Half Year Financial Review January 1-June 30, 2019.
As announced on February 26, 2019, GL&V's washing, oxygen delignification and bleaching operations with Compact Press®, pumps and mixers technology for chemical pulping as well as the related Product Center in Karlstad Sweden are not included in the transaction scope.
Pasi Laine, President and CEO of Valmet: Valmet's stable business and services capabilities are now further strengthened
"The acquisition was completed as planned, and we welcome our 630 new colleagues to Valmet. This strengthens Valmet's global services business further and complements our technology offering for the pulp and paper industry customers. The acquisition also consolidates our local presence and capabilities globally. The combination of Valmet's global reach and GL&V's product and services offering for chemical pulping, stock preparation, papermaking and finishing create a good basis for new business opportunities and for serving our customers even better," says Pasi Laine, President and CEO of Valmet.
Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.
Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.
Valmet's net sales in 2018 were approximately EUR 3.3 billion. Our more than 13,000 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 Helsinki.