Metso has successfully completed the divestment of its grinding media business to Moly-Cop, a portfolio company of American Industrial Partners.
The transaction includes the sale of Metso Spain Holding, S.L.U, including operations in Bilbao and Seville, Spain. As part of the transaction, approximately 80 employees have transferred from Metso to Moly-Cop.
The turnover of the divested business in 2018 was approximately €60M. The value of the transaction was not disclosed.
Speaking when the divestment was first announced on 6 November 2018, 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 is the leading 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, CEO 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.
“Metso’s operations and team align perfectly with our global manufacturing network, and this transaction will further enhance our industry-leading value proposition to our customers.”