Metso acquires Texas Shredder

Archiv – Metso Minerals, well-known in the recycling business for its scrap processing equipment subsidiary Metso Lindemann of Dusseldorf, has acquired shredder products supplier Texas Shredder, Inc. for approximately ‘‚¬ 13 million (US$ 15.9 million). Metso Minerals, well-known in the recycling business for its scrap processing equipment subsidiary Metso Lindemann of Dusseldorf, has acquired shredder products supplier Texas Shredder, Inc. for approximately ‘‚¬ 13 million (US$ 15.9 million). The sellers are a group of private investors led by venture capital investment company Capital Southwest Corporation.
Based in San Antonio and employing 33 people, Texas Shredder is North America’s leading supplier of metal shredder plants and related after-market services. The company’€™s unaudited net sales for the fiscal year ending June 30 2005 were ‘‚¬ 46 million (US$ 56 million). The acquired company will be merged with Metso Mineral’€™s current metal recycling operations in the USA to form new company Metso Texas Shredder, Inc.
Through this acquisition, Metso Minerals considerably strengthens its position in the North American metal recycling market, which is the largest in the world in that it processes approximately 70 million tonnes of scrap per annum. Texas Shredder also complements Metso’€™s downstream technology and after-market capabilities.
Metso’€™s recycling business has made significant progress since it became part of Metso Minerals through the Svedala acquisition of 2001. Net sales almost doubled in two years to approximately ‘‚¬ 130 million (US$ 158 million) by 2004. Following the acquisition of Texas Shredder, net sales are expected to reach ‘‚¬ 200 million (US$ 244 million) per annum.
With some 22 000 employees in more than 50 countries, Metso is a global technology corporation serving customers in a number of sectors, including pulp and paper, rock and minerals processing, and energy. In 2004, Metso Corporation’€™s net sales approached ‘‚¬ 4 billion (US$ 4.9 billion).
Metso’€™s shares are listed on the Helsinki and New York Stock Exchanges.