Valmet has officially entered the global tissue converting business after completing the previously announced acquisition of Körber’s Business Area Tissue.
According to the company, the move creates “the markets’ widest technology, automation and services offering for the growing tissue industry covering the entire tissue value chain from fibre to finished products.”
The new Tissue Converting business will operate as a business unit integrated in Valmet’s Paper business line.
It will focus on delivering and serving converting lines for rolled and folded tissue products, packaging equipment and on providing digital solutions and services.
Pasi Laine, President and Chief Executive of Valmet, said: “Today we are happy to welcome the market leader in tissue converting and close to 1,200 new dedicated colleagues to Valmet. “The acquisition is a good strategic fit and complements Valmet’s tissue making offering with strong expertise and complete solutions from tissue converting to packaging.
“By entering the tissue converting business, we take again a step forward with strengthened capabilities to serve our global customers even better.”
Oswaldo Cruz Junior, Head of Tissue Converting Business Unit, Valmet, said: “Today marks the beginning of an important new chapter in our history, and we are very excited to be joining Valmet.
“Being part of Valmet will support the growth of our operations in the tissue converting business and allow us to boost innovative projects.
‘Now we can be even closer to customers as a one stop shop market leader”
The enterprise value of the acquisition is approximately €380m on a cash and debt free basis subject to ordinary post-closing adjustments.
The acquisition was completed on 2 November 2023 and follows the acquisition agreement that was announced on 7 July 2023.
Valmet said it estimates the acquisition will bring sales, service, and cost synergies worth of €8m by the end of 2026.
