Sulzer sells Metco unit to Oerlikon for $950 million
ZURICH Jan 31 (Reuters) - Sulzer has agreed to sell its coatings unit Metco to peer Oerlikon for around 850 million Swiss francs ($949 million) in cash, the Swiss machinery maker said in a statement on Friday.
The deal is based on a enterprise value (equity plus debt) of 1 billion Swiss francs, Sulzer said.
Sulzer is selling the Metco unit to concentrate on more lucrative businesses making pumps and equipment and providing services for the oil and gas industry. ($1 = 0.8959 Swiss francs) (Reporting by Caroline Copley; Editing by Miral Fahmy)
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