Chilean firm Sigdo Koppers has signed a deal to acquire Belgian company Magotteaux Group for total value of €550m.

According to the deal, Sigdo Koppers will pay about €470m in cash at the closing of the transaction.

Magotteaux provides wear-resistant products for mining and cement industries, and has its own production plants in 12 countries.

Sigdo Koppers CEP Juan Pablo Aboitiz said that the purchase of Magotteaux is consistent with the firm’s decision to focus on the mining and industrial sectors.

“We plan, with our resources, to help and support Magotteaux’s expansion plans, and to create a worldwide group provider of mining and industrial services for the benefit of our clients,” Aboitiz said.