Metso, specialists in the supply of crushing, screening and materials handling equipment, has signed an agreement to acquire McCloskey International.
McCloskey International will soon be owned by Metso. Image credit: HPE
“This acquisition augers well for both companies, which share a commitment to helping customers improve their operational efficiency, reduce risks and increase profitability,” says Pekka Vauramo, Metso’s president and CEO.
“We know that joining Metso is the right move for all our customers, employees, dealers and business partners. The combination of our focus on products and people and Metso’s global resources will help create even better solutions for our customers. Although McCloskey International will form part of Metso, the company will continue to operate as a separate, independent company, focused on growth of the existing McCloskey brand name and the current independent distribution structure and network,” explains Paschal McCloskey, founder, president and CEO of McCloskey International.
According to Markku Simula, president of the aggregates equipment business area in Metso, “This agreement will strengthen Metso’s aggregates business in key growth areas globally and will extend the customer reach, especially to general contractor businesses.
“Customers in aggregates and construction have varying business needs. This acquisition supports our expansion plans to approach customers through multiple complementary channels and offerings to meet their diverse needs,” he adds. “Going forward, Metso plans to continue developing the McCloskey brand and distribution channels, independent of the Metso channel.
“The mobile aggregate equipment market is expected to grow by 4-6% annually during 2019-2023, driven by the underlying road construction spend. With this acquisition, Metso and McCloskey International will be able to better take part in the attractive growth of mobile products within the aggregates industry.”
The acquisition is subject to customary closing conditions, including anti-trust approvals. The closing is expected to take place during Q4 2019.