Metso has continued its acquisition streak with the completed takeover of McCloskey International, a Canadian mobile crushing and screening equipment manufacturer.
The acquisition was completed this week, effectively expanding Metso’s offering in the global aggregates industry.
McCloskey, which employs around 900 people across Canada, the United States and Northern Ireland, equips the general contractor segment through its distribution network.
The company boasted sales of around $C500 million ($559 million) during the 2019 fiscal year.
“This acquisition is an excellent strategic fit for Metso because it strengthens our aggregate business and balances our traditionally mining-focussed minerals portfolio,” Metso president and chief executive Pekka Vauramo.
“With McCloskey as part of Metso, we are also able to better take part in the attractive, long-terms growth of the mobile equipment market within the aggregates industry.”
Metso president of the aggregates equipment business area Markku Simula added: “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.”
Metso funded the McCloskey acquisition with a €300 million ($490 million) loan that was drawn in September.
Metso last month acquired the remaining shares (amounting 25 per cent) of Chinese Shaorui Heavy Industries, a Chinese manufacturer of crushing and screening equipment targeted for the mid-markets.
The company is also finalising a merger with Finnish-listed Outotec, a provider of process technologies and services for metals and mining, among other industries, which is due to complete in the second quarter of 2020.