Valmet has completed the acquisition of Process Automation Systems business from Metso.
The company received the necessary approvals from the competition authorities on 15 January.
The enterprise value of the acquisition is €340m and the company said it is financed with committed long-term financing.
According to the new organisational structure, the acquired business forms Valmet’s fourth business line, Automation.
The company will continue to report its financial results as one segment, and the Automation business line will be included in reporting starting from the April-June 2015 Interim Review.
Sakari Ruotsalainen, M.Sc in Engineering, has been appointed president of the Automation business line.
Valmet president and chief executive Pasi Laine said: “The acquisition was completed according to our plan and we welcome approximately 1,600 new colleagues. We are now a technology and service company with full automation offering.”