Finnish company Valmet has entered into an agreement to acquire Körber Group’s Business Area Tissue for an enterprise value of €380m ($414.93m). 

Körber offers process technologies and related services for converting the jumbo reels of tissue paper into final tissue products. 

Business Area Tissue provides a diverse range of products in the tissue-converting industry with converting lines for tissue rolls and for folded tissue including product packaging. 

The business has approximately 1,170 total employees across Italy, Brazil, the US, China, and Japan. It generated €305m in sales in 2022. 

Valmet aims to combine its complementary offerings with the acquired business to offer a wider range of technology, automation, and services for the growing tissue industry. 

Valmet will integrate the acquired business into its Paper business line as a separate business unit.  

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The deal is subject to competition authority approvals and is expected to be completed by 2 November this year.

Valmet will finance the acquisition with debt. The deal will be completed in cash. 

The company expects its move to bring sales, service, and cost synergies worth €8m by the end of 2026.  

Valmet president and CEO Pasi Laine said: “Valmet benefits from the growing demand for biobased products globally. With this acquisition, Valmet takes again a new step forward and strengthens both its Process Technologies and Services segments.

“The combination of Valmet’s current tissue-making technologies, services and automation offering and the acquired tissue-converting offering and competences is a good strategic fit complementing each other and forms a strong basis to create new business opportunities and serve our customers even better. We are happy and proud to warmly welcome all the new colleagues from Körber’s Business Area Tissue to become part of Valmet.” 

In May this year, Valmet secured an order to rebuild a board machine, named PM 1A, which was operated by Indian conglomerate ITC.