Valmet to start change negotiations regarding Services and Paper business lines, EMEA area organization and parts of corporate functions

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Feb 15, 2024, 08:09 ET

Valmet Oyj's press release on February 15, 2024 at 2:05 p.m. EET

ESPOO, Finland, Feb. 15, 2024 /PRNewswire/ -- Valmet starts change negotiations on February 15, 2024 that affect certain parts of Services and Paper business lines, EMEA (Europe, Middle East, Africa) area organization and corporate functions. These negotiations include a plan to consider measures aimed at improving the profitability and competitiveness of the business operations, as well as adapting to the changing market situation. The planned measures affect mainly Finland and Sweden.

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 plan includes permanent and temporary layoffs. The estimated number of permanent reductions is approximately 130 positions. The exact details regarding the extent and targeting of the potential layoffs will be clarified during the negotiation process.

Valmet employes approximately 6,900 people in Finland and 1,800 in Sweden.

VALMET
Corporate Communications

Further information, please contact:
Anu Salonsaari-Posti, SVP, Marketing, communications, sustainability and corporate relations, Valmet, tel. +358 10 672 0000

Valmet is a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. With our automation systems 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.