June 17, 2020 By P&PC Staff
Valmet will acquire a 14.9 per cent ownership in the future Neles Corporation from Solidium Oy on July 1.
Neles Corporation will be created in the partial demerger of Metso, in which Metso’s flow control business would become the independent Neles Corporation. The completion of the partial demerger is currently expected to take place on June 30.
After the partial demerger, Neles will be an independent valve, valve automation and service company with net sales in 2019 amounting to EUR 660 million. Neles’ business is well diversified across process industries and regions, with 26 per cent of net sales coming from the pulp and paper industry.
Neles’ headquarters are located in Vantaa, Finland and the company has operations in more than 40 countries worldwide with approximately 2,900 employees.
The agreed purchase price is EUR 8.00 per share, corresponding to a total transaction value of EUR 179 million at the signing.
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