Valmet to close foundry and workshop in Hudson Falls, New York

Valmet Oyj’s press release on December 4, 2019 at 8:00 p.m. EET

Valmet will proceed with plans for a phased closure of foundry, machine shop and assembly operations at its production center in Hudson Falls, New York, USA. The first phased closure will begin in March 2020 and continue until final customer orders are fulfilled in summer 2020.

Approximately 15 employees will transfer to a new product office in nearby Glens Falls, New York to continue to serve customers in North America for the dryer product line and aftersales. A total of 40 positions will end as a result of the closure. Valmet is working hard to support all impacted employees so that they are well positioned for the next stage of their careers. Affected employees will be offered career guidance, severance to help them through the transition and are encouraged to apply for job openings in other parts of the company.

The decision to close the facility is the result of various market factors including a steady, declining demand for the cast iron dryer products manufactured within the capacity of the Hudson Falls facility.

Built in 1858, the Hudson Falls foundry and workshop has supplied the pulp and paper industry with manufactured cast iron dryer heads and cylinders. In 1997 GL&V took ownership of the site, soon becoming the product center for drying technologies related to the legacy brands of Sandy Hill^TM and Black-Clawson Kennedy. The site became to Valmet’s ownership as part of the GL&V acquisition in April 2019.

For further information, please contact:

Thomas Palange, Director of Marketing & Communications, Services Business Line, Mill Process Solutions business unit, tel. +1 603-598-7853, thomas.palange@valmet.com

VALMET

Corporate Communications

Valmet is the leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. We aim to become the global champion in serving our customers.

Valmet's strong technology offering includes pulp mills, tissue, board and paper production lines, as well as power plants for bioenergy production. Our advanced services and automation solutions improve the reliability and performance of our customers' processes and enhance the effective utilization of raw materials and energy.

Valmet's net sales in 2018 were approximately EUR 3.3 billion. Our more than 13,000 professionals around the world work close to our customers and are committed to moving our customers' performance forward - every day. Valmet's head office is in Espoo, Finland and its shares are listed on the Nasdaq Helsinki.

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