The acquired business, which supplies process technologies and services for tissue, board and paper machines globally, will now become part of Valmet’s Paper business line
Finnish company Valmet has closed the acquisition of Paper Machinery Producer (PMP) Group for an enterprise value of €64m, including a conditional and capped earn-out component.
The PMP Group, which supplies process technologies and services for tissue, board and paper machines globally, will now become part of Valmet’s Paper business line.
Based in Poland, the company focuses on small and medium-sized tissue machines and board and paper machine rebuilds.
About 650 employees from PMP Group joined Valmet
Valmet Paper business line president Jari Vähäpesola said: “The acquisition was completed as planned and we are happy to welcome 650 new colleagues to Valmet.
“The combination of Valmet’s current paper technology and services for wide and fast machines and rebuilds, together with PMP’s product portfolio, competence and presence in strategic markets, will create new business opportunities.
“From now on we will work as one team with a wider product offering, to further strengthen our capabilities to serve paper, board and tissue producers globally.”
With approximately 650 employs in Poland, China, the US and Italy, the company reported net sales of nearly €70m in the fiscal year 2019.
Earlier this week, Valmet won an order to supply an extensive paper machine grade conversion rebuild and a wide scope of automation to Modern Karton Sanayii Ve Ticaret at its Tekirdağ Mill in Turkey.
Last month, the company and Metsä Board reached an agreement to supply Metsä Board’s Kemi mill in Finland with Industrial Internet solutions to improve the end-product quality and productivity.
Under the terms of the deal, Valmet will supply its Industrial Internet VII Data Discovery and VII for Paper Quality solutions to enhance paperboard quality of the board machine at the Metsä Board’s Kemi mill.