Valmet will include GL&V in financial reporting in its Half Year Financial Review from January 1 to June 30, 2019
Valmet, the Finnish technology provider, has reportedly concluded the acquisition of GL&V, which was announced in February. As per trusted sources, North America-based GL&V is a global provider of services and technologies to the paper and pulp industry.
According to the press release by Valmet, the acquisition has been completed for an enterprise value of EUR 113 million. The transaction is in cash and debt free, subject to regular post-closing adjustments.
The acquired firm has become a part of the business line of Valmet Services. GL&V supplies rebuilds, upgrades, process optimization services and technologies, and spare parts for the paper and pulp industry worldwide. The net sales of acquired operations was approximately EUR 160 million in calendar year 2018. Reportedly, the company employs about 630 people.
For the first time, Valmet will include GL&V in financial reporting in its Half Year Financial Review from January 1 to June 30, 2019.
The oxygen bleaching operations and delignification with Compact Press®, mixers and pumps technology for chemical pulping and the other related Product Center in Karlstad Sweden of GLV have been excluded from transaction scope, as announced in February.
Pasi Laine, CEO and President, Valmet, reportedly said that the acquisition strengthens Valmet’s global services business, complements technology offering and builds local presence and capabilities especially in North America. The global reach of Valmet and GL&V’s product and services for chemical pulping and papermaking, together can generate new business opportunities and serve the customers even better, he added.
For the record, GL&V offers upgrades, process optimization services and technologies, rebuilds, and spare parts for the pulp and paper industry globally for chemical pulping, papermaking, finishing and stock preparation. The key locations of GLV are in Lenox (Massachusetts), Hudson Falls (New York) and Nashua (New Hampshire), in the U.S., in Stockholm, Sweden, in Trois-Rivières (Quebec) in Canada, in Campinas, Brazil, and in Pune, India.