June 10, 2019
The daily brief: 10 June 2019
Metso is acquiring Canadian mobile crushing and screening equipment manufacturer McCloskey International.
All the daily Finnish business news that works: Ramirent, Metso, Cinia, Nightingale, Primehotels and Outotec make headlines.
Ramirent is joining forces with Loxam, Metso is acquiring McCloskey International, Cinia is making significant progress with the Arctic telecom cable initiative, Nightingale is expanding in the US, Primehotels has won double at World Travel Awards, and Outotec has been awarded a 250 million-euro copper plant contract in Russia.
Ramirent joins forces with Loxam
Finnish equipment rental group Ramirent is being acquired by French company Loxam to establish a pan-European equipment rental leader. Loxam has announced a public cash tender offer worth nine euros per share for all shares in Ramirent, valuing the Finnish company at approximately 970 million euros.
Metso has agreed to acquire McCloskey International, a Canadian mobile crushing and screening equipment manufacturer, to accelerate growth in the aggregates industry. The enterprise value of the acquisition is 420 million Canadian dollars (279 million euros), with an additional profitability-based earn-out consideration of up to 23 million euros for the two years following the closing of the deal.
Finland-based Cinia, the leading partner of the Cinia alliance, has signed a memorandum of understanding (MoU) with Russian telecommunications company MegaFon. The two companies plan to set up a joint venture in preparation to build a new submarine telecommunications cable across the Arctic Sea. The international project would create a completely new route to connect continents, fulfil connectivity requirements in the Arctic region and provide the lowest-latency sea route between Europe and northern Asia.
Finnish biotech company Nightingale has expanded its biomarker analysis service in the US. The new regional service is available through PerkinElmer Genomics’ clinical laboratory in Pittsburgh and enables Nightingale to receive and process samples in the US instead of shipping them to Europe. Nightingale has previously undertaken some of the world’s largest metabolomics projects, including analysing the entire UK Biobank cohort, the national biobank of Finland and the Mexico City Prospective Cohort together with Oxford University. The Finnish company’s biotechnology gives insights into a person’s comprehensive health status from a single blood sample.
Finnish hotel chain Primehotels has been awarded twice at the World Travel Awards organised in Madeira. Its Hotel Sveitsi was recognised as Finland’s Leading Resort, while Hotel Katajanokka won the award for Finland’s Leading Boutique Hotel.
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Finnish industrial company Outotec has signed an agreement with Baikal Mining Company for the design and delivery of a copper plant for the Udokan project in the Russian Far East. Worth approximately 250 million euros, the new metallurgical complex is expected to have an annual capacity of 12 million tonnes of ore and produce 130 000 tonnes of copper as high-grade sulphide concentrate and as cathodes.