Metso Corp., Helsinki, has announced that its acquisition of McCloskey International, a mobile crushing and screening equipment manufacturer based in Ontario, has been successfully completed. With this acquisition, Metso says it expands its offering in the aggregates industry globally and strengthens its customer reach, specifically in the general contractor segment. The acquisition was completed on Oct. 1.
“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, president and CEO, Metso.
“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 term loan of approximately $330 million, which was drawn in September. McCloskey will be reported in Metso’s minerals segment as of Q4 2019.