July 4, 2019
The daily brief: 4 July 2019
Outotec and Metso Minerals are joining forces.
All the daily Finnish business news that works: Outotec, Metso, YIT, Medicortex and Nanoform make headlines.
Outotec and Metso Minerals are merging, Medicortex has received a 1.1-million-US dollar research grant from the US Department of Defence, YIT is selling its Nordic paving and mineral aggregates businesses to Peab, and Nanoform has secured 10 million euros in a private placement.
Finnish industry heavyweights Outotec and Metso have agreed to combine Metso Minerals and Outotec into a leading process technology, equipment and services provider for the minerals, metals and aggregates industries. The new combined company, to be named Metso Outotec, will be headquartered in Helsinki, Finland. Its illustrative combined sales in 2018 amounted to 3.9 billion euros. Metso Flow Control, which was recently split off from the minerals division, will become an independent company under the new name Neles.
Medicortex Finland has been awarded a 1.1-million-US dollar grant from the US Army Medical Research and Materiel Command following a competed peer-review process. The Finnish company will use the funding to continue the clinical development of its handheld ProbTBI diagnostics kit, which enables military personnel, first responders and healthcare professionals to rapidly diagnose concussion and mild traumatic brain injury.
Finnish construction company YIT will sell its Nordic paving and mineral aggregates businesses to Peab for a debt-free price of 280 million euros. The approximately 1 700 employees working for the YIT businesses in Finland, Sweden, Norway and Denmark will transfer over to Peab. The transaction is expected to be completed on 1 January 2020.
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Nanoform, the Finnish nanotechnology company behind an innovative method to shrink pharmaceutical drugs, has secured 10 million euros in a private placement. Ilmarinen Mutual Pension Insurance Company and Mandatum Life Insurance Company were the anchor investors of the placement. Nanoform will use the funding to develop its best-in-class nanonisation technology and expand its ability to handle highly potent APIs to meet the growing demand for nanonised drug compounds. The Finnish startup is currently finalising the construction of its first manufacturing plant in Helsinki.