Valmet Oyj and Neles Corporation have announced that their respective boards of directors have signed a combination agreement and a merger plan to combine the two companies through a merger. The combined company will be a leader with a unique offering for process industries globally with illustrative combined net sales for 2020 of approximately €4.3 billion. In addition, it will have a globally balanced expert organisation of approximately 17 000 professionals.
The new company expects to have growth potential in all current businesses and in new emerging sectors supported by favourable megatrends. It will also have enhanced growth opportunities across automation and flow control, serving a range of process industries with a strong sustainability focus. It will also benefit from broader revenue and cost synergies anchored in the strong industrial logic of combining flow control and automation systems. The combination is expected to generate annual run-rate synergies of approximately €25 million of which approximately 60% is expected to be achieved by 2023 and approximately 90% by 2024.
Valmet chairman, Mikael Mäkinen said: “The combination of Valmet and Neles will create a broad and competitive product offering for our customers and build on the excellent reputation of both of our businesses. The transaction creates a global industrial leader with a bright future beyond what we could achieve separately. Together our businesses are better positioned to drive innovation and leadership in sustainability.”
Neles Chairman, Jaakko Eskola said: “The common heritage of Valmet and Neles will allow for a smooth integration of our two companies to the benefit of shareholders, customers and employees. Neles will benefit from enhanced scale to accelerate its growth and building on the excellent work done by Neles management since the formation of Neles as an independent company in 2020.”
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