| Valmet Oyj | |
| Type: | Julkinen osakeyhtiö |
| Foundation: | December 2013 |
| Location City: | Espoo |
| Location Country: | Finland |
| Industry: | Technology, services & automation solutions for pulp, paper, energy sectors and various process industries |
| Revenue: | €4,995 million (2023)[1] |
| Operating Income: | €507 million (2023) |
| Net Income: | €473 million (2023) |
| Num Employees: | 19,160 (2023) |
| Homepage: | 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.
At the end of 2009, Metso acquired Tamfelt Corporation, one of the world's leading suppliers of technical textiles.[2] [3]
See main article: Neles.
At the end of June 2020, Neles was separated from Metso. The State of Finland sold its share of 15 per cent to Valmet.[4] 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.[4]
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.[5] In May, Valmet announced that it would deliver drying technology to Spinnova, which produces textile fiber from cellulose.[5] 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.[5] In July 2021, Valmet and Neles agreed to merge.[6] 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.[4]
Neles merged into Valmet in April 2022, becoming Valmet's fifth business line, Flow Control.[7] 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.[8]
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.[9]