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FLSmidth to Acquire thyssenkrupp’s Mining Business
TK Mining is a leading full-line supplier of solutions for mining systems, material handling, mineral processing and services, which is highly complementary to FLSmidth’s offering. TK Mining has an asset light business model and is present in 24 countries with engineering and global service centres, and has close to 3400 employees. In 2020, revenue was EUR 780 million with around one-third deriving from services. The business delivered a high single-digit negative EBIT margin and is expected to return to profitability by year 2024 based on the ongoing restructuring undertaken by TK Mining. In addition, the combination with FLSmidth offers large cost synergies, creating significant shareholder value. A combination of the two companies will create a leading global mining technology provider with operations from pit to plant, extending the strategic customer relationships with a complementary product offering and customer base as well as improved geographic coverage. Furthermore, TK Mining’s extensive active installed base, together with FLSmidth’s strong existing service setup, will provide additional aftermarket opportunities, while the joint R&D capabilities and combined portfolio will enable accelerated innovation in digitalisation and MissionZero solutions. The mining industry is characterised by sound fundamentals and a positive outlook, based on underinvestment over the past decade and increasing demand due to the clean energy transition. The timing of this acquisition positions FLSmidth to capture enhanced value from the mining growth cycle underway. www.flsmidth.com