As part of Valmet Automotive’s strategy to increase the independence of its business lines and to develop them in the most meaningful manner considering relevant market evolution and business opportunities, Valmet Automotive is setting out its Electric Vehicle Systems business line (EVS) as an independent company. This new company will have its own leadership and governance structure. Valmet Automotive remains, for the time being, the sole owner and shareholder of this company.
Valmet Automotive has built up a battery business of significant size during the past five years and it has become one of the leading European independent manufacturers of battery modules and packs for the automotive industry. Launched in 2019, the business reached gross sales of more than 1.2 billion EUR in 2023, with net sales exceeding 200 million EUR and employed 1400 people in seven sites across Finland and Germany.
- With our renewed strategy, our battery business is geared to take the next step: grow beyond automotive industry and expand its scope into trucks, buses, and several non-automotive off-highway segments such as materials handling, forestry, construction, mining, and agriculture equipment. We firmly believe that decarbonization and consequent electrification extends beyond automotive in an accelerating way and that we are well positioned to benefit from this growth thanks to our capabilities and assets, says Jarkko Sairanen, Chair of Valmet Automotive Board of Directors.
A core part of the EVS business line strategy is an own industry-leading battery product portfolio that enables smart electrification of various non-automotive segments. Valmet Automotive has already launched its first products for this purpose and work is ongoing to expand the portfolio.
In line with this strategy, Valmet Automotive has appointed Roberts Abele as CEO and Ville Jaakonsalo as CFO of the new company. Abele will start on September 1 and Jaakonsalo during November at the latest.
Abele joins from Vitesco Technologies, a leading automotive supplier, where he most recently held the position of Senior Vice President and General Manager of Global Powertrain Controls based in the USA. Abele has 30 years of experience with leading global automotive suppliers and will relocate to Finland.
Jaakonsalo joins from Patria, an international defense and technology company, where he is CFO and Head of Transformation. Before joining Patria, he held various finance positions at Metsä Group.
- We are truly excited to welcome Roberts and Ville to steer our battery business. Both are highly seasoned leaders who will be bringing insight, experience, and execution capability to our current and future activities that will take EVS into sustained success, says Jarkko Sairanen.
Further details about the strategy of the new company, including the name under which the EVS business line will operate in the future, will be released later in September.
The other Valmet Automotive business lines, Vehicle Contract Manufacturing (VCM) and Roof & Kinematic Systems (RKS), will continue their operations as so far under the brand Valmet Automotive with Pasi Rannus as the CEO.
SOURCE: Valmet Automotive
