FLSmidth has sold its materials handling division to Koch SolutionsFLSmidth says it will complete the divestment of its materials handling division on 1 September.
The Danish technology and service supplier to the global mining and cement industries says it has fulfilled “all conditions and requirements” in the sale agreement it made with Germany-based Koch Solutions, a subsidiary of Shanghai Stock Market-listed Jiangsu Rainbow Heavy Industries.
“The agreement involves a mix of intellectual property, order backlog, employees and facilities that are part of FLSmidth’s non-core activities segment,” FLSmidth says in a statement.
The deal includes employees and facilities in Germany and Australia as well as DKK400 million (USD58.6 million) in order backlog.