As announced in June 2019, the acquisition of the Ontario-based comminution specialist was expected to close towards the end of the year.

The Finnish METS company said this deal would expand its offering in the aggregates industry globally and strengthen its customer reach, especially to the general contractor segment.

Metso's President and CEO Pekka Vauramo said: "This acquisition is an excellent strategic fit for Metso, because it strengthens our aggregates business and balances our traditionally mining-focused Minerals portfolio."

The acquisition was funded by a €300 million (US$323 million) term loan, which was drawn in September. McCloskey will be reported in Metso's Minerals segment from the December quarter of 2019.

McCloskey's sales in the fiscal year 2019 that ended on September 30 are expected to be around C$500 million (US$372 million). The company has approximately 900 employees in Canada, the US and Northern Ireland.

Pending shareholder and regulatory approval, Metso is planning to combine its Minerals business with fellow Finnish engineering group Outotec (with completion expected in the June quarter of 2020). The acquisition of McCloskey is also expected to complement the business profile of the merged Metso Outotec, by expanding and strengthening the aggregates business.