Iisalmi-based Normet Group, a global leader in underground mining and tunneling equipment, has acquired 40 per cent of the capital stock of TAM International, a specialist in construction chemicals manufacturer. The two companies have also signed an agreement on extensive international partnership.
Through the recently signed agreement Normet will undertake the representation of TAM products in its own head market areas and, in return, TAM will act as agent and distributor of Normet equipment and services in the UK, Hong Kong, Taiwan and some other Asian countries. The two companies have already cooperated successfully in Hong Kong.
Normet aims at expanding its role from equipment manufacturer to complete solutions and process expertise provider. According to the Chairman of Normet Group, Aaro Cantell the agreements is a logical step towards becoming a global expert in selected underground construction processes.
The company has made also other investments this year. By the end of 2010 a new, over one million-euro technology centre is expected to be completed in Iisalmi. In addition to that Normet is in the process of establishing a global spare parts distribution centre in the Netherlands.
In 2009 Normet’s turnover totaled over 90 million euros. The company’s head offices are located in Iisalmi and Santiago de Chile. Manufacturing of heavy-duty mining equipment takes place in both cities.
Established in 1982, TAM International’s turnover in 2009 was over 9 million euros.
Normet signs a major international partnership agreement