Metso has completed its acquisition of McCloskey International, a Canadian mobile crushing and screening equipment manufacturer.
First announced in June 2019, the acquisition aims to expand Metso’s offering in the global aggregates industry and strengthen its customer reach, particularly with the general contractor segment.
The acquisition was funded by a EUR 300 million (AU$490 million) term loan, drawn in September.
Headquartered in Ontario, Canada, McCloskey International’s distribution network targets the general contractor segment. It employs around 900 employees throughout Canada, the USA and Northern Ireland.
The company’s sales in the 2019 financial year are expected to be around CAD $500 million (AU$559 million).
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“This acquisition is an excellent strategic fit for Metso, because it strengthens our aggregates business and balances our traditionally mining-focused Minerals portfolio,” said Metso’s President and CEO, Pekka Vauramo.
“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.”
McCloskey International will be reported in Metso’s Minerals segment as of Q4 2019.
Metso President of the Aggregates Equipment business area, Markku Simula, said the acquisition expands its 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,” Simula said.
“We are confident that McCloskey will align well with Metso, and we are excited to welcome new colleagues to the Metso family.”