Metso has signed an agreement to acquire McCloskey International, the Canadian mobile crushing and screening equipment manufacturer.
The acquisition will expand Metso’s presence in the global aggregates industry.
McCloskey, which employs around 900 employees in Canada, the US and Northern Ireland, had pro forma sales of C$464 million (E308 million) in the 12-month period ended 30 September 2018.
“This acquisition is in line with Metso’s profitable growth strategy. It strengthens our aggregates business in key growth areas. The different cycles of aggregates balance our previously more mining focused Minerals portfolio well,” said Pekka Vauramo, Metso president and CEO.
“This acquisition supports our expansion plans to approach customers through multiple complementary channels and offerings to meet their diverse needs,” said Markku Simula, president of Metso’s Aggregates Equipment business. “Going forward, Metso plans to continue developing the McCloskey brands and distribution channels independent of the Metso channel.”
“We are proud of the growth achieved in a competitive market,” said Paschal McCloskey, founder, president and CEO of McCloskey. “I know that joining Metso is the right move for all our customers, employees, dealers and business partners. The combination of our unique focus on products and people and Metso’s global resources will help create even better solutions for our customers.”
Metso says it will pay C$420 million (€279 million) when the deal closes with an additional profitability-based earn-out consideration of up to C$35 million (€23 million) for the two-year period after closing.