Vexve Armatury Group Appoints Paul Gustavsson as New Chief Executive Officer

Armatury Group (“Vexve” and the “Company”), a leading European mission-critical valve manufacturer for energy infrastructure, is thrilled to announce the appointment of Paul Gustavsson as its new Chief Executive Officer, effective January 23, 2024. This appointment underscores Vexve's commitment to enabling the transition to a low carbon future together with its customers. Jussi Vanhanen, the Company's CEO for the past seven years, is leaving the Company operations but remains as an investor.

Paul Gustavsson is a seasoned leader among Nordic industrial companies. His notable CEO tenures at Nordkalk Oy Ab and Britax Group Ltd, coupled with close to 20 years of experience in the automotive industry, provide a robust foundation for setting the strategic direction for Vexve going forward.

”Vexve is delighted to welcome Paul Gustavsson as our new CEO. His extensive expertise in leading medium-sized industrial companies aligns perfectly with our growth ambitions for the future. Under Paul's leadership, we are confident in the continued success and advancement of our company. Simultaneously on behalf of the board, I want to thank Jussi Vanhanen for his hard work and leadership over his tenure, during which Vexve took transformational steps forward as the leading valve solutions provider in its select niche markets.”‍

‍says Kari Lehtinen, Chair of the Board of Vexve Armatury Group.

Paul Gustavsson commented,

”Joining Vexve is an honor, and I am excited to build upon the solid foundation laid by Jussi Vanhanen and the leadership team. I look forward to working with the talented team at Vexve to achieve our goals of becoming one of the leading valve manufacturers globally for energy infrastructure.”

Jussi Vanhanen, the outgoing CEO remains as a significant investor in the Company.

”It has been truly gratifying to see Vexve develop as an industry forerunner and the team grow in both competence and confidence while delivering good results over the ever-changing economic situations. While my decision to pursue other interests after seven years with the company was difficult, I am confident in the team’s ability to continue renewing and performing at the highest level. I want to extend a big thank you to our employees and business partners and our committed owner DevCo Partners.”

‍For more information:
Otto Kukkonen, Vice Chair Vexve Armatury Group
Tel. +358 50 346 3487
otto.kukkonen@devco.fi

Vexve Armatury Group in brief
Vexve Armatury Group is the leading European provider of valve solutions for critical conditions in energy infrastructure and process industries. The group is known for its superior product quality, fast delivery times combined with first-class customer service. Vexve Armatury Group delivers its products to over 70 countries and employs over 700 people with factories in Finland, Czech Republic and Germany. Vexve Armatury Group aims to be the leading provider of mission critical valve solutions in the transition to a low carbon future.

DevCo Partners in brief
DevCo is a long-term oriented active owner and development partner dedicated to building world-leading companies in selected niche markets. DevCo provides its companies with hands-on operational resources, strategic support and significant financial resources to support step changes in their performance. DevCo is currently a significant owner of three global niche leaders, Vexve Armatury Group, Medix Biochemica, and Bluefors.