PRESS RELEASE: The transaction comprises the sale of Metso Spain Holding, including operations in two locations with around 80 employees in Spain (Bilbao and Seville). The estimated turnover of the business in 2018 will be approximately €60 million (US$69 million). The value of the transaction has not been disclosed.
Sami Takaluoma, president of Metso's Minerals Consumables business area, said: "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."
Moly-Cop a global manufacturer of grinding media used primarily by global copper, gold, and iron ore producers to break down ore in the primary phase of mineral concentration. Moly-Cop was acquired by American Industrial Partners in January 2017.
Jim Anderson, chief executive of Moly-Cop, commented: "Metso has a valued and longstanding reputation as a trusted grinding media supplier for western Europe and north-western Africa. This acquisition is a great match for Moly-Cop and our strategy moving forward."
The transaction is expected to close in December 2018 and is subject to customary closing conditions, including regulatory approvals. The proceeds from the divestment will have no material impact on Metso's financial results.