Valmet has completed the acquisition of Process Automation Systems
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: “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,”.