Danish engineering group FLSmidth & Co. said Tuesday it has received all regulatory approvals for the sale of its Cement business, a final step in its pivot to focus solely on the mining industry.
The divestment to an affiliate of private equity firm Pacific Avenue Capital Partners is expected to close in the fourth quarter of 2025, according to the company.
The sale agreement, first announced in June, includes an initial payment of 75 million euros with a potential for an additional 75 million euros in deferred consideration.
The move is the culmination of a strategy launched in early 2023 to separate its historic cement operations from its mining division to create a pure-play mining technology and services provider.
"The completion of the transaction will mark an important milestone and the beginning of the next chapter for FLSmidth as a pure-play supplier of technology and services to the global mining industry," CEO Mikko Keto said.
FLSmidth stated the announcement does not change its financial guidance for the full year 2025.
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