Outotec to acquire TME Group

Outotec (OMX:OTE1V) has agreed to acquire Australian mining services and engineering company TME Group for an undisclosed price. It generated revenue of around 35 million Euros last year from its specialized services in grinding mine relining and mineral processing plant maintenance services for clients in Australia and overseas in places such as Africa, China, , Indonesia, Russia, Mongolia and Papua New Guinea. In addition to its headquarters in Australia, TME maintains a permanent office in South Africa. TME has around 130 permanent and a large number of casual employees. Outotec has communicated a 500 million annual services sales target by 2015 and this purchase is in line with that statement.