Valmet completes GL&V acquisition
Finland-headed forest industry and energy technology major Valmet Oyj has announced that it has completed the previously announced intention to acquire the North American-based GL&V, a global provider of technologies and services to the pulp and paper industry.
According to a statement, Valmet has completed the acquisition of GL&V, first announced on February 26, 2019. GL&V is a global provider of technologies and services to the pulp and paper industry. The enterprise value of the acquisition is approximately EUR 113 million on a cash and debt free basis subject to ordinary post-closing adjustments.
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 the calendar year 2018 and employes about 630 people.
Also as announced in February, 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.
The acquisition was completed as planned, and we welcome our 630 new colleagues to 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. The combination of Valmet’s global reach and GL&V’s product and services offering for chemical pulping, stock preparation, papermaking, and finishing create a good basis for new business opportunities and for serving our customers even better, said Pasi Laine, President, and CEO of Valmet.