McCloskey's range of products is used in various sectors, including aggregates, landscaping, infrastructure and road building, construction and demolition, waste management and recycling, as well as mining.
Metso's main aim is to expand its offering in aggregates, saying that the "mobile aggregate equipment market is expected to grow by 4-6% annually during 2019-2023" driven by road construction spend.
Metso's president and CEO Pekka Vauramo said: "This acquisition is in line with Metso's profitable growth strategy. It strengthens our aggregates business in key growth areas. The different cycles of aggregates balance our previously more mining-focused Minerals portfolio well."
McCloskey, which will become part of Metso's Minerals segment, employs around 900 people in Canada, the US and Northern Ireland. The company's sales in the fiscal year ending September 30, 2019, are expected to exceed C$500 million.
Founder, president and CEO of McCloskey, Paschal McCloskey, believes joining Metso is the right move for the company, its employees, customers, dealers and business partners.
"The combination of our unique focus on products and people and Metso's global resources will help create even better solutions for our customers," he noted.
The acquisition is expected to close in the December quarter of 2019.