Bobst Group: Purchase of Valmet Converting
Metso Corporation is to sell its film and packaging subsidiary Valmet Converting to Bobst Group for €90m. Metso and packaging machinery producer Bobst this week signed a memorandum of understanding and they expect the deal to be completed in the first quarter of next year. The sale is also subject to regulatory approval. In a statement announcing the deal, Valmet said there will be no change to its current trading position and emphasised that day-to-day operations will continue as normal. Metso made the sale in order to focus on its core pulp and paper industry and mineral processing operations. . The Bobst Group reckons to be the world’s largest manufacturer of packaging machinery, particularly in the fields of folding carton, corrugated board and flexible packaging, and has 30 affiliate companies.