OC Oerlikon tables bid for Sulzer's coating unit Metco
21 Sep 2013
Swiss technology conglomerate OC Oerlikon today said that it has tabled a bid for Sulzer's coating unit Metco, the world's largest maker of thermal spray coatings.
"OC Oerlikon confirms its participation in the auction process relating to the sale by Sulzer Ltd of its Metco division," the company said in a brief statement.
Sulzer, also based in Switzerland, had in July that it may sell Metco in order to focus on its oil and gas, power and water business.
Metco makes thermal spray coatings used in power generation, aviation, automotive, and other industrial markets.
It has become the world's largest maker of thermal spray coatings after having made around 40 acquisitions since 1985.
Metco contributes about 20 per cent of Sulzer's annual revenue of $4.4 billion and analysts opinethat the unit may valued at around $880 million.
Apart from Oerlikon, Sulzer has approached peers including British Bodycote, US-based Praxair and Japanese IHI Corp, Reuters said in a report.
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