January 31, 2014 / 6:00 AM / in 4 years

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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