Valmet to start change negotiations in Finland in its Paper business line's Board and Paper Mills business unit

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Sep 05, 2024, 03:33 ET

Valmet Oyj press release September 5, 2024 at 10:00 a.m. EEST

ESPOO, Finland, Sept. 5, 2024 /PRNewswire/ -- Valmet starts change negotiations on September 5, 2024, that affect its Paper business line's Board and Paper Mills business unit. The business unit develops and delivers board and paper making lines and technologies globally.

The negotiations include a plan to consider measures aimed at improving the profitability and competitiveness of the business operations. The business unit has already earlier this year initiated actions to adapt to the changed market situation, but those actions have not been sufficient. The scope of the negotiations starting now covers all employees in Board and Paper Mills business unit in Finland, in total, approximately 1,300 people. Other organizations or employees in Paper business line are not included in the scope.

The plan includes restructuring organizational structures, development of ways of working and adjustment of personnel to the work situation. According to company's preliminary view, the potential measures include temporary and permanent layoffs, retirements, and internal work arrangements within Valmet. The estimated number of permanent employee reductions is approximately 200 positions. The exact details regarding the extent and targeting of the potential temporary and permanent layoffs will be clarified during the negotiation process.

Valmet has in total more than 19,000 employees globally, and in Finland it employs around 6,600 people.

VALMET
Corporate Communications

For further information, please contact:
Mikko Sillanpää, Vice President, Paper business line, Board and Paper Mills business unit, Valmet, tel. +358 40 766 4971
Petri Rasinmäki, Business Line President, Paper, Valmet, tel. +358 40 042 8422

Valmet has a global customer base across various process industries. We are a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries, and with our automation and flow control solutions we serve an even wider base of process industries. Our more than 19,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward – every day.

The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. Valmet's net sales in 2023 were approximately EUR 5.5 billion.

Valmet's shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.