Both companies have remained tight lipped about the value of the deal.

The completion of the transaction is subject to certain conditions expected to be completed by the end of August.

Headquartered in Finland, Outotec picked up TME, a Western Australian company with offices throughout Australia and South Africa, to increase its sales presence in Southeast Asia and the Asia-Pacific region.

TME has 130 permanent employees and a large casual labour workforce. It provides grinding mill relining and mineral processing plant maintenance services to customers mainly in Australia, Africa and Southeast Asia.

Outotec said TME had annual sales of approximately 35 million euros ($A42.1 million) and an international reputation for a safe and cost-effective approach to relining grinding mills.

Outotec chief executive officer Pertti Korhonen said the business’ target was to grow its global annual service sales to €500 million by 2015.

“The acquisition will expand our offerings and strengthen our capabilities to provide operation and maintenance services to the mining and metals industries in the Southeast Asia Pacific region, Africa and beyond,” Korhonen said.

In the March quarter this year Outotec’s services sales were €89.5 million, up 26% from €71.1 million reported for the corresponding quarter in the previous year.

The company said the acquisition of TME would not affect its financial guidance for 2012 which forecast total sales to grow to approximately €1.7-1.9 billion and the operating profit margin from business operations to be around 9-10%.

In line with its acquisition strategy, Outotec also acquired Finnish technology company Numcore earlier this year for an undisclosed sum to strengthen its offerings providing advanced flotation and thickener solutions.