By P&PC Staff
By P&PC Staff
Valmet has entered into an agreement to acquire PMP Group in Poland.
The value of the acquisition is approximately EUR 64 million, plus a conditional and capped earn-out component.
The acquisition is estimated to be completed on October 1, 2020 at the earliest.
PMP Group supplies process technologies and services for tissue, board and paper machines globally, focusing on small and medium-sized tissue machines and board and paper machine rebuilds. The net sales of the company were approximately EUR 70 million in the fiscal year 2019.
The company employs about 650 people, the majority of whom are located in Poland and the rest in China, USA and Italy.
“PMP’s technology and services portfolio for small and medium-sized tissue, board and paper machines will be a very good complement to Valmet’s current paper technology and services for wide and fast machines and rebuilds,” says Jari Vähäpesola, business line president, paper business line at Valmet, in a statement.
“Together with PMP’s product portfolio, their competence and presence in strategic markets, we will create new business opportunities and further strengthen our capabilities to serve paper, board and tissue producers globally. PMP has a very skilled team and I am happy to warmly welcome them to Valmet.”
Mirosław Pietraszek, PMP group president, says, “Joining to Valmet opens a new chapter in PMP’s rich history in the pulp and paper industry and represents a huge leap forward for our future development.
“I am convinced that the joint technological, production and human resources in our key markets will allow us to reach new heights and ultimately benefit the advancement of the entire paper industry.”