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Metso Plans to Sell Grinding Media Unit to Moly-Cop
November 7, 2018
2 Min Read
Processing and flow solutions firm Metso entered into an agreement to sell its grinding media business, Metso Spain Holding S.L.U., to American Industrial Partners-owned Moly-Cop, a release announced Tuesday.
Moly-Cop will take on operations in two sites in Spain and about 80 workers in the €60 million (about $68.6 million) transaction.
“Metso’s growth strategy in the consumables business is to focus on developing a world-leading global offering. We are confident that our customers and our grinding media team will benefit from this transaction and from the combination of our strong regional know-how with Moly-Cop’s global capabilities,” Sami Takaluoma, president of Metso’s Mineral Consumables business, said in a statement.
The companies anticipate that the deal will close this coming December pending the completion of regulatory approvals and other closing conditions. Metso said the sale is not expected to impact its financial results.
“Metso has a valued and longstanding reputation as a trusted grinding media supplier for western Europe and northwestern Africa. This acquisition is a great match for Moly-Cop and our strategy moving forward,” said Moly-Cop Chief Executive Officer Jim Anderson in the release. “Metso’s operations and team align perfectly with our global manufacturing network, and this transaction will further enhance our industry-leading value proposition to our customers.”
Moly-Cop produces grinding media used by copper, gold, and iron ore firms. The company became a part of American Industrial Partners after an acquisition in early 2017.
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