Sulzer Sells Coatings Unit To Oerlikon For $1.1B

Law360, New York (January 31, 2014, 1:58 PM EST) -- Sulzer Ltd. is selling its coatings unit Metco to Oerlikon Group for 1 billion Swiss Francs ($1.1 billion), the companies said Friday, as part of Sulzer's continued effort to focus on its oil and gas, power and water businesses.

According to Oerlikon, the deal will be financed using a combination of cash and existing committed undrawn debt facilities, and is expected to close in the third quarter of 2014.

Sulzer CEO Klaus Stahlmann praised the deal Friday, saying that once the divestment is complete, nearly 80...
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