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Metso Closes Sale of Tampere Foundry in Finland.

MANews-(C)2009-2015

13 April 2015 - Finnish mining and aggregates company Metso Corp. has finalised the sale of the Tampere foundry to the Finnish company Tevo Oy, the company said on Monday.

The deal was announced on 19 December 2014.

Terms of the deal were not disclosed. In conjunction with the sale, all foundry personnel transferred to Tevo Oy with their existing employment contracts.

After the sale, Metso has five of its own foundries and a network of casting suppliers serving the mining and aggregates industries.

Metso's own foundries are located in Ahmedabad, India; Isithebe, South Africa; Prerov, Czech Republic; Quzhou, China; and Sorocaba, Brazil.

Tevo is a family-owned business originally from Raahe in western Finland; it has been in business for over 40 years. Tevo is an internationally operating heavy-duty machine engineering workshop, whose business has expanded from the steel and paper industries to the offshore and shipbuilding industries.

Metso is engaged in the mining and aggregates industries and in the flow control business.

Country: Finland

Sector: Metals/Mining

Target: Tampere foundry

Buyer: Tevo Oy

Vendor: Metso Corp

Deal size in USD:

Type: Divestment

Financing:

Status: Closed

Buyer advisor: , ,

Comment: Terms of the deal were not disclosed

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Publication:M & A Navigator
Geographic Code:4EUFI
Date:Apr 13, 2015
Words:198
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