Anglo American takes fresh $1.6bn writedown on UK fertilizer mine
Charge weighed on the miner’s swinging to a loss and it comes amid a company overhaul that involves shedding four of its units.
Finland-based Metso sold its grinding media business on Friday to Moly-Cop, a portfolio company belonging to private equity firm American Industrial Partners.
The transaction includes the sale of Metso Spain Holding, S.L.U, including operations in Bilbao and Seville, Spain. As a result, about 80 employees have transferred from Metso to Moly-Cop. The turnover of the divested business in 2018 was approximately €60 million ($68.4 million).
Metso has been implementing a growth strategy in the consumables business based on developing a world-leading global offering.
Earlier this week, it agreed to acquire HighService Service, a unit of Chilean mining technology and maintenance provider HighService Corp.
Moly-Cop is a 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. Last year, the company was authorized to acquire forged steel grinding media leader Donhad.
