Displaying items by tag: valmet

Valmet adds new measurement capabilities to Valmet Fiber Image Analyzer (Valmet FS5). These features take the laboratory testing of pulp and paper fiber samples to a new level.

Launched in 2013, more than sixty Valmet FS5 analyzers are now in use, continuing Valmet's 30 year fiber analytics history with more than 1000 fiber property measurements delivered. Fully meeting the ISO fiber length measurement standard requirements, the analyzer is simple to use with no lengthy training needed. Easily measuring the fiber properties of 100 samples in an eight hour shift, the automatic consistency adjustment eliminates operator error by allowing samples to be inserted without any special preparation.

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Analyzers are individually customizable, equipped with only the required measurements and easily programmable for customized analysis and reporting. Maintenance requirements are minimal and no on-site calibration is required as each unit is calibrated with an accredited calibration tool at Valmet's production center in Kajaani, Finland.

New measurements predict end product quality better

The strength potential of the pulp can now be predicted easily from the process samples.  Better understanding of the characteristics of the fibers helps papermakers to manage better the process and get targeted end product quality by optimizing the blend and using less energy, for example, in grinding.

"The new gravimetric coarseness feature in Valmet FS5 has been accepted very well by our customers. The true coarseness value is an important value which predicts the paper structure and now it is possible to get this result easier and faster than ever before without tedious and time consuming sample preparation. Our approach of combining both optical and gravimetric coarseness values is a result of out-of-box thinking by our R&D - helping our customers to save time and money," says Tuomo Kälkäjä, the product manager of Valmet FS5.

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Cell wall thickness and cross sectional area, available in a previous generation of Valmet's analyzer, is also now derived by the Valmet FS5 which reports average values for the whole sample. Results provide a better understanding of the paper making potential of the pulp.

Improvements to the operator interface

Based on user feedback Valmet has implemented improvements to the operator interface, including customizable measurement templates and reports. Valmet FS5 is now easier than before to use in regular mill testing, and it also meets the requirements of research laboratory use. The increased capabilities offered by these new measurements and improved interface are also available as upgrades for existing users.

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 2015 were approximately EUR 2.9 billion. Our 12,000 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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The Arne Asplund Mechanical Pulping Award 2016 has been granted to Tomas Björkqvist, Mikael Lucander and Olli Tuovinen. The award is given out every two years by Arne Asplund Mechanical Pulping Award Foundation and it promotes the development of new technology for the manufacture of high-yield pulp.

valmet logoThe awarded team has worked together in a systematic way, from laboratory to full scale operation, to show that their hypothesis about a novel surface for grinding stones is valid. The basic idea in their invention is to cover a metal segment stone surface with a defined diamond grid, including finding a proper geometry for the grid and fastening method for diamonds. The new type of grinding stone with diamond covered surface is known as "Galileo technology". The technology is already established and has spread worldwide.

The main achievement for this innovation is the possible energy saving in grinding of wood in the range of 150 - 500 kWh/ton, depending on pulp grade and other operational factors. Simultaneously the shive level is considerably decreased.

Information about the award recipients

Tomas Björkqvist received his PhD degree in 2002 from Tampere University of Technology in Finland. After a long academic career, he is currently a Senior Research Fellow at Tampere University of Technology.

Mikael Lucander, with a M.Sc. degree in Polymer Chemistry from Helsinki University is retired after a long career at KCL in Finland where he held a position as Research Fellow. He has contributed as an expert to the awarded project

Olli Tuovinen has a M.Sc. degree from Helsinki University of Technology in Finland. He has had several production positions within the Finnish forest industry and has spent the last 30 years in Valmet, Tampella and Metso. Currently he is R&D manager at Valmet.

The award will be presented on September 27, 2016 at the International Mechanical Pulping Conference, IMPC. The event is hosted by TAPPI and will be held in Jacksonville, Florida, USA.

Arne Asplund Mechanical Pulping Award Foundation

65E4312A 9A2A 433F AE22 F100101CE1C6The Arne Asplund Mechanical Pulping Award promotes the development of new technology for the manufacture of high-yield pulp. It is awarded to a person or persons in recognition of outstanding achievement in research and development of mechanical pulping technology.

The Arne Asplund Mechanical Pulping Award Foundation was established in 1985 to commemorate Dr. Asplund's contribution to the pulp and paper industry worldwide. The Award was made possible through a donation from Valmet to the foundation in 1985. The Chairman of the Foundation is Professor Göran Bengtsson.

For further information, please contact:

Thomas Granfeldt, Senior Project Manager, Pulp and Energy Business Line, Valmet and Professor, Mid Sweden University, tel. +46 70 630 33 93.

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 2015 were approximately EUR 2.9 billion. Our 12,000 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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Valmet will hire over 300 students as summer trainees and additionally over 100 young people through a Finnish summer job introduction program.

valmet logoValmet will employ summer trainees in 11 different cities in Finland this summer, with largest number of trainees in Tampere and Jyväskylä. Majority of the summer trainees will work in different production tasks. There are also positions in sales, marketing, product development and financial administration. Valmet primary offers the summer trainee positions to students in their own fields of studies to give them valuable work experience.

"Our summer jobs offer hundreds of young people the opportunity to gain valuable insights from a global company that needs versatile know-how. Our goal is that the trainees learn new skills and gain experiences, which will benefit them after they graduate. Learning is not only one-way, but also we gain new ideas and a true energy boost from the innovative summer trainees," says Julia Macharey Senior Vice President, Human Resources, Valmet.

For elementary and high school students Valmet offers summer job possibilities through the Finnish "Tutustu työelämään ja tienaa" summer job program. The program, targeted for 14- to 17-year-old students, aims to promote possibilities to learn about work life and to help adolescents to gain their first practical work experience.

Valmet supports the Responsible Summer Job 2016 campaign

Valmet participates in the "Responsible Summer Job" campaign for the second time. The campaign is coordinated by T-Media and the Finnish Economic Information Office (Taloudellinen tiedotustoimisto, TAT) together with corporate partners. The target of the campaign is to challenge companies to increase the amount and quality of summer jobs offered. Valmet wants to promote responsible practices to ensure the traineeships are safe and fair, and to give meaningful opportunities and experiences for the trainees.

VALMET
Corporate Communications

For further information, please contact:
Johanna Alasuutari, Manager, Talent Management, EMEA, Valmet, tel. +358 50 577 9189

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 2015 were approximately EUR 2.9 billion. Our 12,000 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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valmet logoTwo new pulp drying lines, delivered by Valmet, have been started at Klabin's new pulp mill located in Ortigueira city, Paraná state in Brazil. The first pulp bale was produced according to schedule on March 4th, 2016.

Klabin's new pulp mill will have the capacity to produce 1.5 million tons of pulp per year, with 1.1 million tons of bleached hardwood pulp (BEK) made of eucalyptus and 400,000 tons of bleached softwood pulp (BSK) made of pine. Part of the softwood will be converted into fluff pulp, making the mill the world's only pulp mill designed to produce the three fibers.

"The hardwood pulp drying machine that we delivered to Klabin produced the first bale according to the contract schedule. This is a great achievement to our team who has worked hard to build one of the biggest drying machines in the world, with 9.5 meters width. Now the two biggest drying machines in the world are running in Brazil, both supplied by Valmet," says Norbert Schwarz, Project Manager at Valmet.

"Klabin thanks its financers, suppliers, partners and employees for their effort in ensuring the feasibility and realization of this project, which is the largest investment in its history," the company stated in a notice to the market after the first pulp bales had been produced.

About the customer Klabin S.A.

Klabin, Brazil's largest paper producer and exporter, is the leading manufacturer of paper and board for packaging, corrugated board packaging, industrial sacks and timber in logs.Founded in 1899, it has 15 industrial units in Brazil and one in Argentina.Klabin is organized into four business units:Forestry, Pulp, Paper (paperboard, kraft paper and recycled) and Packaging (corrugated board and industrial sacks).

For further information, please contact:

  • Norbert Schwarz, Project Manager, South America, Valmet, tel. +55 41 9971 1625
  • Paulo Aguiar, Sr. Sales and Marketing Manager, South America, Valmet tel. +55 41 9989 0426

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 2015 were approximately EUR 2.9 billion. Our 12,000 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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valmet logoValmet and Biochemtex will start to cooperate in the field of conversion of lignin into biochemicals. The development project will combine and adapt LignoBoost and Moghi technologies. LignoBoost is Valmet's proprietary technology for the extraction of purified lignin from black liquor produced by pulp mills. Moghi in turn is Biochemtex's proprietary technology for the conversion of lignin into biofuels and biochemicals.

This collaboration will create a high value market for lignin while providing the biochemical industry a consistent lignin stream to be used as a sustainable feedstock for the production of bioPET (bio based thermoplastic polymer).

 "Valmet's industrially proven LignoBoost technology for lignin extraction plays an important role in this project. We are continuously developing new sustainable technologies for increasing the value of lignin. Combining LignoBoost and Moghi technologies is one of the very promising solutions we are looking into when developing biochemical technologies," says Rickard Andersson, Vice President for Valmet's Biotech and Environmental Systems.

"For us this partnership is an additional opportunity to provide the market with second generation biochemicals. We are already working with our own and Beta Renewables technologies. The cooperation with Valmet will allow to increase the feedstock available to produce bioPX, a key raw material for the production of PET made 100% from renewable sources. Existing pilot plant facilities, and the dedicated demo plant under construction in Italy, combined with the skills and know-how in both organizations, will provide a solid base to deliver fast and positive outcome for this exciting opportunity,"says Giovanni Bolcheni, CEO of Biochemtex.

About Biochemtex

Biochemtex is a leader in the technologies for the production of second generation biofuels and biochemicals. It is part of the Mossi Ghisolfi Group and a global leader in the development and engineering of technologies and bio-chemical processes based on the exclusive use of non-food biomass, as an alternative to oil.

VALMET

Corporate Communications

For further information, please contact:

Jussi Mäntyniemi, Director, Technology and R&D, Pulp and Energy, Valmet, tel. +358 40 769 8154

Alessandra Bogliano, R&D Director, Biochemtex, tel. +39 0131 88 28 11

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Valmet will supply a modernization of the brown stock washing plant of the dissolving line to Södra Cell's Mörrum pulp mill in Sweden. The rebuild is part of the second stage of a long-term initiative at Södra Cell Mörrum mill.

The brown stock washing plant rebuild will increase the mill's pulp production capacity by 45,000 tons. The project will commence in spring 2016 and is scheduled for completion in the fourth quarter of 2017.

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The order is included in Valmet's second quarter 2016 orders received. The value of the order will not be disclosed. A rebuild with this scope is usually valued below EUR 10 million.

"The successful cooperation with Valmet on the dissolving line that began in 2011 continues with the next step. The investment will enable increased production and increased opportunities to further enhance the production quality of our dissolving pulp," says Martin Säll, Engineer and Project Manager at Södra Cell Mörrum.

During the strategy period 2014-2020, Södra Cell Mörrum will gradually offer larger volumes and expand production capacity from 380 000 tons to 500 000 tons of which 200 000 tons will consist of high quality dissolving pulp.

Technical details about the delivery

The modernization of the brown stock washing plant mainly contains the installation of three new Valmet TwinRoll presses, two before the oxygen stage and one before the bleach plant.

"The latest Valmet TwinRoll generation takes dewatering and washing to a new level by increasing capacity by up to 30 percent, improving consistency, and optimizing operation while minimizing operational and maintenance costs.Our TwinRoll presses have proven their functionality in several dissolving lines over the years. We are confident that this is a good solution for Mörrum mill and look forward to a great collaboration also in this project," says Mikael Gustafsson, Sales Manager at Valmet.

About the customer Södra Cell

Södra is an economic association with a membership base of 51,000 forest owners in southern Sweden. Södra has built up a considerable production of paper pulp, wood products and biofuels. Södra employs about 3,800 people and has four business areas Södra Skog, Södra Cell, Södra Timber and Södra Interiör.

Södra Cell is one of the largest players in the world in the area of softwood pulp and operates three pulp mills in Sweden: Mörrum, Mönsterås and Värö. Södra Cell Mörrum currently produces high-quality pulp and is the only Södra mill to produce textile pulp, for which demand is growing rapidly.

For further information, please contact:

Mikael Gustafsson, Sales Manager, Pulp & Energy Business Line, Valmet tel. +46 70 653 38 09

valmet logoValmet 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 2015 were approximately EUR 2.9 billion. Our 12,000 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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In February 2016, Södra's Board of Directors decided to invest SEK 1 billion in a new evaporator and modernisation of the brown washing plant in the dissolving pulp line, where textile pulp is produced. Södra is now awarding Valmet AB the contract to supply the new brown washing plant.

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Södra is growing together with its customers. During the 2014-2020 strategy period, Södra Cell Mörrum will gradually begin to offer larger volumes and increase production capacity from 380,000 tonnes to 500,000 tonnes, of which 200,000 tonnes will consist of high-quality dissolving pulp.

"The successful cooperation with Valmet AB in the dissolving pulp line that started in 2011 now continues with the next step. The investment will enable increased production and opportunities to further enhance the product quality of the dissolving pulp". Says Martin Säll, Project manager at Södra Cell Mörrum. 

The start-up of the new upgraded pulp line is calculated to the fourth quarter 2017.

For further information, please contact:
Stefan Sandberg, mill manager Södra Cell Mörrum
+46(0)454-555 50

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Figures in brackets, unless otherwise stated, refer to the comparison period, i.e. the same period of the previous year. Automation has been consolidated into Valmet's financials since April 1, 2015, when the acquisition of Automation was completed.

valmet logoDue to new regulation by the European Securities and Market Authority concerning alternative performance measures, Valmet has decided to replace the performance measure 'EBITA before non-recurring items' with 'Comparable EBITA'. The content of items affecting comparability, i.e. items previously disclosed as non-recurring, remain unchanged and therefore 'Comparable EBITA' equals previously disclosed 'EBITA before non-recurring items'. Items affecting comparability consist of income and expenses arising from activities that amend the capacity of Valmet's operations or are incurred outside its normal course of business. Valmet discloses alternative performance measures to describe the underlying business performance and to improve comparability between reporting periods.

January-March 2016: Orders received, net sales and profitability increased

  • Orders received increased to EUR 803 million (EUR 580 million).
    • Orders received increased in the Pulp and Energy, Paper, and Services business lines.
    • Automation contributed to orders received with EUR 66 million.
    • Orders received more than doubled in EMEA (Europe, Middle East and Africa) and South America.
  • Net sales increased to EUR 652 million (EUR 561 million).
    • Net sales increased in the Paper and Services business lines and decreased in the Pulp and Energy business line.
    • Automation contributed to net sales with EUR 58 million.
  • Comparable earnings before interest, taxes and amortization (Comparable EBITA) were EUR 31 million (EUR 19 million), and the corresponding Comparable EBITA margin was 4.8 percent (3.5%). Earnings per share were EUR 0.08 (EUR 0.05).
    • Profitability improved due to the higher level of net sales in Paper and Services business lines, improved gross profit, and the acquisition of Automation.
  • Items affecting comparability amounted to EUR -2 million (EUR 0 million).
  • Cash flow provided by operating activities was EUR 3 million (EUR -20 million).

Valmet reiterates its guidance for 2016

Valmet is reiterating its guidance presented on February 9, 2016 in which Valmet estimates that net sales in 2016 will remain at the same level with 2015 (EUR 2,928 million) and Comparable EBITA in 2016 will increase in comparison with 2015 (EUR 182 million).

Due to new regulation by the European Securities and Market Authority, Valmet has decided to replace the performance measure 'EBITA before non-recurring items' with 'Comparable EBITA'. The content of items affecting comparability, i.e. items previously disclosed as non-recurring, remain unchanged and therefore 'Comparable EBITA' equals previously disclosed 'EBITA before non-recurring items' (EUR 182 million in 2015). Items affecting comparability consist of income and expenses arising from activities that amend the capacity of Valmet's operations or are incurred outside its normal course of business.

Short-term outlook

General economic outlook

The baseline projection for global growth in 2016 is a modest 3.2 percent, broadly in line with last year, and a 0.2 percentage point downward revision relative to the January 2016 World Economic Outlook Update. The recovery is projected to strengthen in 2017 and beyond, driven primarily by emerging market and developing economies, as conditions in stressed economies start gradually to normalize. But uncertainty has increased, and risks of weaker growth scenarios are becoming more tangible. The fragile conjuncture increases the urgency of a broad-based policy response to raise growth and manage vulnerabilities. (International Monetary Fund, April 12, 2016)

Short-term market outlook

Valmet reiterates the good short-term market outlook for board and paper, and the satisfactory short-term market outlook for services, automation, pulp, energy, and tissue.

President and CEO Pasi Laine: Solid start of the year with increase in orders received, net sales and profitability

Valmet had a solid start of the year 2016 with an increase in orders received, net sales and profitability. Orders received increased in Pulp and Energy, Paper, and Services business lines. As a result of both customer activity and good work in all parts of the organization, the orders received development has been trending upwards in all business lines. The orders received were at an all-time high level in the Services business line. Profitability improved in the first quarter of the year compared to the first quarter of 2015.

Automation has now been a part of Valmet for a full year, and I am very pleased with the development. Summing up the year from the Automation perspective, the integration was a success. Both customers and employees are pleased and energized, we launched new automation products during the year, strengthened Valmet's position in Industrial Internet and, in financial terms, we can be satisfied with the development of the Automation business line. Furthermore, our four business lines have found a good and continuously improving way to cooperate in the customer interface and to bring benefits of our unique and market's widest offering to our customers.

2016 04 27 111600

News conference and webcast for analysts, investors and media

Valmet will arrange a news conference in English for investment analysts, investors, and media on Wednesday, April 27, 2016 at 2:00 p.m. Finnish time (EET). The news conference will be held at Valmet Head Office in Keilaniemi, Keilasatama 5, 02150 Espoo, Finland. The news conference can also be followed through a live webcast at www.valmet.com/webcasts.

It is also possible to take part in the news conference through a conference call. Conference call participants are requested to dial in at least five minutes prior to the start of the conference, at 1:55 p.m. (EET), at +44 1452 560304. The participants will be asked to provide the following conference ID: 82571086.

During the webcast and the conference call, all questions should be presented in English. After the webcast and the conference call, media has a possibility to interview the management in Finnish.

The event can also be followed in Twitter at www.twitter.com/valmetir.

Further information, please contact:

Hanna-Maria Heikkinen, Vice President, Investor Relations, Valmet, tel. +358 10 672 0007

Kari Saarinen, Chief Financial Officer, Valmet, tel. +358 10 672 0031

Valmet's Interim Review January-March 2016

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valmet logoValmet will supply Smurfit Kappa Cellulose Du Pin Biganos pulp and paper mill in France with a new screening and brown stock washing plant for kraft liner pulp production. The new plant will replace old equipment and make the mill meet today's environmental requirements. The delivery is scheduled for the beginning of 2017, and the start-up for later the same year.

The order was included in Valmet's fourth quarter 2015 orders received. The value of the order will not be disclosed. The value of an upgrade of this scope is usually valued below EUR 10 million. 

"Valmet has proven technology for high kappa pulp production, based on a unique cooking, refining and washing concept. This order is a token of our leading position within the area of fiber lines for kraft liner. We are looking forward to an interesting project together with Smurfit Kappa," says Peter Rummel, Sales Manager, Valmet.

Technical information of the delivery

The order includes a new screening plant with a reject refiner and a washing stage consisting of a filter stage followed by two TwinRoll presses. The screening and brown stock washing plant will have a capacity of 1250 adt/d.

About the customer Smurfit Kappa

Smurfit Kappa Cellulosedu Pin, is one of the leading Europeanproducers ofpaper made fromvirgin fiberfor packaging. Based in Facture, Aquitaine(South-Westof France), its production unitis specializedin the manufacture ofcoverageKraft papercorrugated board.

For further information, please contact:

Peter Rummel, Sales Manager, Pulp and Energy Business Line, Valmet, tel. +46 70 653 3802

Yannick Duperrier, Senior Mill Sales Manager, EMEA Sales, Valmet, tel. +33 6 85 67 24 24

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 2015 were approximately EUR 2.9 billion. Our 12,000 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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valmet logoAs Valmet announced by stock exchange release on February 20, 2015, Andritz Oy had filed a summons application with the Stockholm District Court against Valmet AB, a subsidiary of Valmet Corporation, regarding patent infringement. In the claim Andritz is asking that Valmet under a penalty ceases to utilize the system allegedly infringing Andritz's patent and to impose royalty and damages on Valmet AB with EUR 54 million and interest for the alleged infringement. Valmet has not made any provisions concerning the claim.

The validity of Andritz's patent has been challenged by Valmet, and this matter has been awaiting a decision from the Swedish Court of Patent Appeals. The Swedish Court of Patent Appeals has on March 23, 2016 decided to revoke Andritz's patent.

An appeal of the decision now made by the Swedish Court of Patent Appeals can be filed to the Supreme Administrative Court by May 23, 2016.

Further information, please contact:

Rasmus Oksala, General Counsel, Valmet, tel. +358 10 672 0026

Hanna-Maria Heikkinen, Vice President, Investor Relations, Valmet, tel. +358 10 672 0007

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 2015 were approximately EUR 2.9 billion. Our 12,000 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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