Finnish paper tech and automation firm Valmet has finished the acquisition of Polish company PMP Group, based on the terms of an agreement forged back on September 11 for a reported €64 million.
The Polish developer supplies process technologies for tissue, board and paper machines globally, focusing on small and medium-sized tissue machines and board and paper machine rebuilds. Through this merger, they will become a part of Valmet's paper business line.
With net sales totalling €70 million for the 2019 fiscal year alone, the company employs around 650 people across Poland, Italy and China.
PMP will be included in Valmet's fiscal report for the first time in their fourth-quarter reporting for 2020.
Jari Vähäpesola, paper business line president for Valmet, said: "The acquisition was completed as planned and we are happy to welcome 650 new colleagues to Valmet. The combination of Valmet's current paper technology and services for wise and fast machines and rebuilds, together with PMP's product portfolio, competence and presence in strategic markets, will create new business opportunities.
"From now on we will work as one team with a wider product offering, to further strengthen our capabilities to server paper, board and tissue producers globally."
Mirosław Pietraszek, the former president for PMP group said: "I am satisfied that the closing process has been completed successfully. It is a great moment to celebrate the opening of a new chapter in our history. I am convinced that together with Valmet, we will create a professional, unique and strong team across the globe to bring our customers a more comprehensive service span and state-of-the-art solutions.
"As a team, we are ready for new challenges and are excited to become a part of Valmet."
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