Valmet completes acquisition of GL&V
By P&PC Staff
By P&PC Staff
April 1, 2019 – Valmet has completed the acquisition of GL&V, which was announced on February 26, 2019, for approximately EUR 113 million.
GL&V, which recently changed its public-facing brand to GLV, is a global provider of technologies and services to the pulp and paper industry.
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, employing about 630 people.
GL&V will be included in Valmet’s financial reporting for the first time in Valmet’s half-year financial review for the period of January 1 to 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.
“We welcome our 630 new colleagues to Valmet,” says Pasi Laine, president and CEO of 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.”