Solidium-backed Valmet, a developer and supplier of technologies, automation systems and services for the pulp, paper and energy industries, completed the merger with Neles, a Finnish publicly-traded company offering flow control solutions for process industries, in a $1.6bn deal. “The combination of Valmet and Neles will create a broad and competitive product offering for our customers and build on the excellent reputation of both of our businesses. The transaction creates a global industrial leader with a bright future beyond what we could achieve separately. Together our businesses are better positioned to drive innovation and leadership in sustainability," Mikael Mäkinen, Valmet Chairman.