Finland-based Flowrox sold its valve and pump businesses for roughly $50 million to Neles, another Finnish manufacturer of industrial valves. The deal includes the Flowrox brand, but it excludes Flowrox’s industrial automation, environmental technologies and filter business, all of which will continue under a new name and brand to be announced at a later date.
The move was strategic, Neles said. “This acquisition is an excellent fit for Neles as Flowrox is a well-known niche player in flow control within mining and metals with the right offering and very strong competence and knowhow,” Neles CEO Olli Isotalo said.
The acquisition is expected to close in November. Half of Flowrox personnel will transfer to Neles.
