Finland’s Metso buys Canada’s McCloskey for $317m
Finnish engineering firm Metso has agreed to buy Canadian mobile crushing and screening equipment manufacturer McCloskey International for C$420 million ($317 million) to expand its product range and client base.
The money will be paid when the deal closes, which is expected in the fourth quarter, with an additional consideration of up to 35 million Canadian dollars for the two-year period after closing based on the firm’s profit performance.
Metso said the mobile aggregate equipment market was expected to grow 4-6% annually during 2019-2023, driven by spending on road construction.
“The different cycles of aggregates balance our previously more mining focused Minerals portfolio well,” Metso Chief Executive Pekka Vauramo said in a statement.
($1 = 1.3269 Canadian dollars)
(By Tarmo Virki; Editing by Edmund Blair)