Metso’s acquisition of McCloskey completed
Metso Corporation’s stock exchange release on October 2, 2019 at 01:10 a.m. EEST
Metso’s acquisition of McCloskey International, a Canadian mobile crushing and screening equipment manufacturer, has been successfully completed. With this acquisition, Metso expands its offering in the aggregates industry globally and strengthens its customer reach especially to the general contractor segment. The acquisition was completed on October 1, 2019.
“This acquisition is an excellent strategic fit for Metso, because it strengthens our aggregates business and balances our traditionally mining-focused Minerals portfolio. With McCloskey as part of Metso, we are also able to better take part in the attractive, long-term growth of the mobile equipment market within the aggregates industry,” says Pekka Vauramo, Metso’s President and CEO.
“This acquisition expands our offering to new customer segments and application areas. McCloskey’s capabilities and technical solutions strengthen our ability to address diverse customer needs through complementary channels and offerings. We are confident that McCloskey will align well with Metso, and we are excited to welcome new colleagues to the Metso family,” says Markku Simula, President of the Aggregates Equipment business area of Metso.
The acquisition was announced in June 2019. The acquisition was funded, as previously announced, by a EUR 300 million term loan, which was drawn in September. McCloskey will be reported in Metso’s Minerals segment as of Q4 2019.
About McCloskey International
Headquartered in Keene, Ontario, Canada, McCloskey equips and serves the general contractor segment through its distribution network. The company’s sales in fiscal year 2019 that ended on September 30, 2019, are expected to be approximately CAD 500 million (EUR 330 million). McCloskey has approximately 900 employees in Canada, the USA and Northern Ireland.
Metso is a world-leading industrial company offering equipment and services for the sustainable processing and flow of natural resources in the mining, aggregates, recycling and process industries. With our unique knowledge and innovative solutions, we help our customers improve their operational efficiency, reduce risks and increase profitability. Metso is listed on the Nasdaq Helsinki in Finland and had sales of about EUR 3.2 billion in 2018. Metso employs over 14,000 people in more than 50 countries.
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