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

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Oct 21, 2024, 05:12 ET

Valmet Oyj's press release on October 21, 2024 at 12:00 p.m. EEST

ESPOO, Finland, Oct. 21, 2024 /PRNewswire/ -- Valmet announced on September 5, 2024, the start of change negotiations in its Paper business line's Board and Paper Mills business unit that included a plan to consider measures aimed at improving the profitability and competitiveness of the business operations. The business unit develops and delivers board and paper making lines and technologies globally. The scope of the negotiations covered all employees in Board and Paper Mills business unit in Finland, totaling approximately 1,300 employees. Other organizations or employees in the Paper Business Line were not included in the scope of the change negotiations.

As a result of the change negotiations, the employment of 112 people will end. In addition, there will be fixed-term position terminations, retirements, and internal transfers to other positions within Valmet. At the beginning of the negotiations, the need for employee reductions was estimated to be 200 positions.

Additionally, the Board and Paper Mills business unit will implement temporary layoffs lasting up to 90 days during the first half of 2025.

Valmet supports the re-deployment of the laid-off persons by offering i.e. personal career coaching.

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

VALMET
Corporate Communications

For more 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.