Neles

Neles Oyj
Company typeJulkinen osakeyhtiö
IndustryProcess industries
PredecessorMetso
Founded1 July 2020 (2020-07-01)
Defunct1 April 2022 (2022-04-01)
FateAcquired by Valmet
Headquarters
Vantaa
,
Finland
Key people
Jaakko Eskola (Chairman)
Simo Sääskilahti (Interim President and CEO)[1]
ProductsValves
Number of employees
2,850 (2020)[1]
Websitewww.neles.com

Neles Oyj was a Finnish publicly traded company offering flow control products and services for process industries. The Neles trademark was originally filed in 1956 by Finnish engineers Antti Nelimarkka and Eino Santasalo.[2] In July 2019, it was announced that Metso Minerals and Outotec would merge in 2020 into a new large mineral company called Metso Outotec. At the same time, the remaining Metso was transformed into Neles.[3] The company started operations on 1 July 2020.[3]

Valmet acquired 14.9 percent of Neles' shares on 1 July 2020.[4] On 13 July 2020, the Swedish company Alfa Laval made a two billion dollar takeover bid for Neles.[5][6] Valmet announced that it will not support Alfa Laval's takeover bid in July 2020[7] and increased its holdings in Neles in August 2020.[8]

Alfa Laval launched a public cash tender offer for all Neles shares on 13 August 2020.[9] Valmet and Neles announced on 2 July 2021 that the Boards of Directors of Valmet and Neles have agreed to combine. The Finnish Financial Supervisory Authority approved the merger on 2 September 2021.[10] Alfa Laval completed the sale of all its remaining shares in Neles on 14 January 2022.[citation needed]

In July 2021, the merger of Neles with Valmet[11] was announced, and this took place on 1 April 2022.[12] Neles is now a trademark for industrial valves and valve automation in process industries, and part of Valmet.[12]

References

  1. ^ a b "Neles facts". Neles. Retrieved 5 February 2021.
  2. ^ "Neles journey". Neles.com. Retrieved 22 June 2021.
  3. ^ a b "Metso Corporation's partial demerger has been registered". Neles.com. Retrieved 13 August 2020.
  4. ^ "Valmet acquires 14.9% ownership in the future Neles". Arvopaperi (in Finnish). Retrieved 15 August 2020.
  5. ^ "Alfa Laval makes $2 billion bid for Finland's Neles, biggest owner sceptical". Reuters. Retrieved 21 August 2020.
  6. ^ "Ruotsalainen Alfa Laval ostamassa Metso Outotecin ulkopuolelle jääneen Nelesin – kauppahinta miljardiluokassa". Yle (in Finnish). Retrieved 15 August 2020.
  7. ^ "Valmetin toimitusjohtaja: Emme tue Alfa Lavalin tarjousta". Taloussanomat (in Finnish). Retrieved 15 August 2020.
  8. ^ "Valmet kasvatti jälleen omistustaan Neleksessä". Kauppalehti (in Finnish). Retrieved 15 August 2020.
  9. ^ "Alfa Laval commences the recommended public cash tender offer for all shares in Neles on 13 August 2020". Alfa Laval. Retrieved 13 August 2020.
  10. ^ "The Finnish Supervisory Authority has approved the merger prospectus concerning the combination of Valmet Oyj and Neles Corporation". Finance.yahoo.com. 2 September 2021. Retrieved 1 January 2021.
  11. ^ "Valmet and Neles to merge creating a leading company with a unique offering for process industries globally". Valmet. Retrieved 11 November 2022.
  12. ^ a b "Merger of Valmet Oyj and Neles Corporation has been registered and the combination of Valmet's and Neles' business operations has been completed". Valmet. Retrieved 11 November 2022.


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