Valmet to acquire paper industry tech and services provider PMP Group
Finland-headed energy and forest industry technology provider Valmet Oyj has announced that it has entered into an agreement to acquire PMP Group in Poland. The enterprise 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.
In business for over 165 years, 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 acquisition will bring two companies with different offerings and customer segments together. 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. 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, said Jari Vähäpesola, Business Line President, Paper business line, Valmet.
PMP Group employs about 650 people, the majority of whom are located in Jelenia Góra and Świecie in Poland and the rest in Changzhou in China, South Beloit in the United States, and Lucca in Italy.
Joining 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, said Miroslaw Pietraszek, PMP Group President.