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Metso officials said the takeover will complement its actuation and valve automation line, and allow it to provide a full range of actuators for all major markets. It will also broaden its limit switches availability for mid-market applications and introduce new products for its process-valve portfolio.
Neither company has disclosed the value of the transaction, though Metso confirmed the acquired division’s sales over the last fiscal year ended March 31 was about Rs1,550 million (US$24 million).
"This acquisition represents an important strategic step for Metso's valves business,” John Quinlivan, Metso's valves business area president, said. “It expands our offering for the current customer segments, especially outside North America, and increases our presence in attractive new industries and application areas [and]…strengthens our capacities and our presence in the important Indian market.”
The acquisition is expected to close in July.
