Valmet Automotive restructures Electric Vehicle Systems unit into independent company in Finland

Valmet Automotive, a manufacturer of batteries and vehicles, is restructuring its Electric Vehicle Systems (EVS) business unit into an independently managed company, which will remain wholly owned by Valmet Automotive for the time being. In a press release, Valmet Automotive stated that EVS has evolved into one of Europe’s leading manufacturers of battery modules and battery packs for the automotive industry since its inception in 2019. In 2023, the business achieved a gross sales figure exceeding €1.2 billion, with a revenue surpassing €200 million. The battery segment employs around 1,400 people across seven facilities in Finland and Germany, with operations located in Uusikaupunki and Salo.

With the new strategy, the battery business is set to expand beyond the automotive sector. “We are looking for growth particularly in heavy transportation, buses, and mobile machinery used in areas such as material handling, forestry, construction, mining, and agriculture,” remarked Jarkko Sairanen, chairman of Valmet Automotive’s board, in the announcement.

Additionally, Roberts Abelen has been appointed as the CEO of the new company, while Ville Jaakonsalo will take on the role of Chief Financial Officer.