Valmet's withdrawal from Russia is progressing

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03 Jun, 2022, 13:22 GMT

HELSINKI, Finland, June 3, 2022 /PRNewswire/ -- Valmet Oyj's press release on June 3, 2022 at 4:00 p.m. EEST

Valmet has progressed in reviewing its operations in Russia and implementing its exit plan.

Already in the spring, the company decided not to make any new sales projects in Russia. In addition, it canceled EUR 70 million of its order backlog on March 31, 2022.

During the latter part of the spring, the evaluation of the options related to the withdrawal has progressed, and the company has initiated employee reductions, which will result in a 50 percent reduction in the number of employees in Russia in this first implementation phase.

Valmet will withdraw from Russia completely and will continue to implement the withdrawal in stages as the review of implementation options is fully completed.

Approximately 2 percent of Valmet's total net sales came from its Russian operations in 2021. In the spring of 2022, Valmet had a total of approximately 140 employees in Russia, working primarily in sales, engineering, maintenance and financial administration. Valmet does not have production in Russia.

VALMET
Corporate Communications

For further information, please contact:
Anu Salonsaari-Posti, SVP, Communications and marketing, Valmet, tel. +358 50 453 4262, media@valmet.com

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.

We aim to become the global champion in serving our customers. Our 17,000 professionals work close to our customers and are committed to improving our customers' performance – every day.

The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. In 2022, a major milestone was achieved when the flow control company Neles was merged into Valmet. The combined company's net sales in 2021 was approximately EUR 4.5 billion based on the respective company figures.

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