On the 1st of November, Wearx and the Metso Corporation finalised an agreement that will bring the two companies together, creating, they believe, a stronger competitor in the fields of mineral processing and materials transfer.
Wearx is a privately-owned wear solutions provider with a range of its own products. The company’s wear protection products include wear liners, rubber and ceramic lining, skirting, chutes and bulk material handling equipment. Services include: design, engineering, site services and project management.
In early November, Wearx and Metso top brass assembled at the former’s head office at Thornton, 25kms north of Newcastle, to address staff.
Commenting on the reasoning behind the deal, Wearx CEO, Gary Newman said, “Over the last few years, we have worked hard to develop Wearx into an agile service provider that delivers high value solutions to our customers.
“Our board and shareholders knew that at some stage we would need the backing of a much bigger company to unlock our full potential. With the funding of the next phase of our company’s growth in mind, we decided that a full trade sale to a large, likeminded company was the best way to continue the evolution of our business.
“There were several interested parties, but when it came down to making our decision as to which company we wanted to move forward with, our key considerations were: cultural fit and clear synergies between the two companies. I’m very pleased to say that we found an ideal fit in Metso.”
Metso’s senior vice president for the Australian market areas – Ross Wotherspoon said that there is an excellent cultural fit between the two companies.
“From our very first meetings with Wearx executives, I was impressed by their great culture which is very similar to ours.
“This move is part of Metso’s growth strategy, which includes both organic growth, as well as growth through acquisition. Over the last seven years we have evolved the business through several powerful initiatives that have helped to improve service levels.
“We have aggressively expanded our services footprint and committed to regularly measure and actively improve the satisfaction of both our customers and staff. In parallel to these initiatives, we have developed an acquisition strategy designed to broaden our offering and bring even more value to our customers.
“As for synergies, combining the strengths of our companies and knowledge of our people will allow us to bring even more value to our clients in the mineral processing and material transfer market sectors.
“We want to make sure that the transition goes smoothly, especially for staff and customers. The retention of Wearx’s agility and entrepreneurial spirit is a fundamental success factor.”
The two companies have assembled a dedicated integration team with six months of intense work ahead.
Contact Martin Prestage, VP service sales, Australian market areas, Metso Australia, tel. 08 9420 5505, email – email@example.com