Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Metso is in the midst of a a major restructuring, which will see the company switching emphasis from mining equipment manufacturing to sales of services and flow-control equipment, which together account for roughly 85% of its revenue. (Image courtesy of Metso)
Finland-based mining technology supplier and engineering firm Metso is shutting down its mining equipment manufacturing plant in Pennsylvania, U.S. at the end of March next year, is in response to a volatile commodity market.
The closure, said the company in a statement, will affect about 80 people currently employed at the plant.
Metso’s other business operations operating out of the York offices in Pennsylvania will not be affected, the firm said.
“After careful evaluation of our supply chain model, as well as the current and future workload, we did not see any other option than to close the York manufacturing plant,” the firm’s business area president João Ney Colagrossi said.
Metso is in the midst of a major restructuring, announced last May, which will see the company switching emphasis from mining equipment manufacturing to sales of services and flow-control equipment, which together account for roughly 85% of its revenue.
Earlier this year, the multinational —which employs 16,000 workers in 50 countries — closed its Lachine manufacturing plant in Quebec, Canada, as part of the business reorganization, affecting 191 employees.
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Gene Byrge
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