The acquisition completed on October 1 and Finland-based Metso says will expand its offering in the aggregates industry globally and strengthen its customer reach, especially to the general contractor segment.
“This acquisition is an excellent strategic fit for Metso, because it strengthens our aggregates business and balances our traditionally mining-focused minerals portfolio,” said Pekka Vauramo, Metso’s president and CEO. "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."
He added that the McCloskey business will expand Metso's offering to new customer segments and application areas.
Markku Simula, president of the aggregates equipment business area of Metso, said: "McCloskey’s capabilities and technical solutions strengthen our ability to address diverse customer needs through complementary channels and offerings."
The acquisition – first announced in June this year - was funded by a €300mn term loan, which was drawn in September. McCloskey will be reported in Metso’s minerals segment as of Q4 2019.
The McCloskey business is headquartered in Keene, Ontario and serves the general contractor segment through its distribution network. The company’s sales in fiscal year 2019 that ended on September 30, 2019, are expected to be approximately C$500mn (€330mn). McCloskey has approximately 900 employees in Canada, the USA and Northern Ireland.
