President and CEO Pasi Laine in Annual Review 2023: A decade of consistent progress
Feb 22, 2024
As I approach the final chapter of my journey as the President and CEO of Valmet, I find myself compelled to reflect on the extraordinary decade we have shared.
Valmet started as an independent company at the end of 2013, and the trading of its shares on the Nasdaq Helsinki stock exchange began on January 2, 2014. Between 2013 and 2014, we laid the foundation for long-term success: introduced the mission of converting renewable resources into sustainable results; defined a strategy based on four Must-Wins; created the corporate identity and brand; agreed on a sustainability agenda; and built the basis for a forward-oriented culture of renewal and continuous improvement. Valmet’s inception was characterized by strong customer trust from the outset, as well as by the exceptional energy and commitment of the global Valmet team.
Valmet’s success is not just about numbers; it is about vision, resilience, and the collective spirit of innovation and moving forward that defines us.
Over the past ten years, we have continuously raised the bar for our performance and together overcome challenges and celebrated successes with our global team and our valued customers. Valmet’s upward trajectory, marked by consistent performance improvement and growth, is a result of the dedication and hard work of our entire team. We have focused on growing the company organically with improved profitability but also moved systematically forward with mergers and acquisitions that have complemented our unique offering and significantly increased the amount of recurring, profitable and stable business in Valmet’s business portfolio. The stable business orders received, consisting today of the Services, Automation Systems and Flow Control businesses, has grown from EUR 1,035 million in 2013 to EUR 3,100 million in 2023. At the same time, the Valmet team has grown from 11,000 to more than 19,000, and the comparable EBITA margin from 2.1% in 2013 to 11.2% in 2023. When looking at the ten-year development, Valmet’s brand and reputation as an employer and among the global customer base and investors has become exceptionally positive and strong.
I want to emphasize that Valmet’s success is not just about numbers; it is about vision, resilience, and the collective spirit of innovation and moving forward that defines us. While we have been navigating dynamic market shifts, the COVID-19 pandemic, and global turbulence due to the war in Ukraine and global economic and political developments, we have seen change and challenges as an opportunity for development and growth, ensuring that we have not only kept pace with industry trends but have often set them.
Together, we have been fostering a corporate culture built on future-orientation, renewal and continuous improvement, and a shared commitment to moving our customers’ performance forward. Our people are our greatest asset, and seeing Valmeteers thrive and develop as teams and individuals has been incredibly rewarding.
As I prepare to step down from my role during 2024, I am confident that the foundation we have built at Valmet positions the company well for continued success in the future.
In closing, I extend my deepest thanks to our customers and partners for the good cooperation we have enjoyed over the years, to our shareholders for your trust, and to all my colleagues at Valmet for your hard work, dedication and passion.
It has been an incredible journey together!
Pasi Laine
President and CEO