Metso has acquired McCloskey International, a Canadian mobile crushing and screening equipment manufacturer, for $316 million payable at closing, with an additional profitability-based earn-out consideration of up to $26 million for the two-year period after closing.
Metso says the deal should close during Q4 2019.
In the 12-month period ending in September 30, 2018, McCloskey recorded pro forma sales of $349 million, with sales expected to exceed $376 million this year. McCloskey has approximately 900 employees in Canada, the United States, and Ireland.
“Going forward, Metso plans to continue developing the McCloskey brands and distribution channels independent of the Metso channel, Markku Simula, president of Metso’s Aggregates Equipment business, said in the release . “Synergies are apart from sourcing mainly revenue related, resulting from the wider offering available to both channels as well as additional crusher equipment, service and consumable sales.”