HELSINKI -- Valmet Oyj ("Valmet") and Neles Corporation ("Neles") announced on July 2, 2021 that Valmet and Neles will merge creating a leading company with unique offering for process industries globally (the "Merger").

Having received all necessary competition approvals, the competition and regulatory approvals conditions for the completion of the Merger have now been fully satisfied. Provided that all conditions for the completion, including the dividends expected to be resolved by the Annual General Meetings of Valmet and Neles to be held on March 22, 2022 as well as the extra distribution of funds of Neles expected to be resolved thereafter by the Board of Directors of Neles, are fulfilled or waived, the completion of the Merger is expected to take place on April 1, 2022. Valmet and Neles will separately announce the fulfillment and/or waiver of the conditions to completion and the decision to implement the Merger.