GE accelerates growth in mining equipment with two planned acquisitions

  • 30-May-2012 04:26 EDT

GE announced in mid-May that it is pursuing acquisitions of two underground mining equipment manufacturers in support of the global expansion of its mining business. GE has entered into an agreement to acquire 100% of Australia-based Industrea Ltd., a provider of safety and productivity-enhancing mining equipment and services. The transaction, valued at approximately A$700 million, is subject to Industrea shareholder approval. Its shareholders will vote on the offer in the second half of 2012, and GE expects the transaction to close later in 2012. The company also signed a binding Letter of Intent to acquire Fairchild International, an independently owned and operated underground mining equipment manufacturer located in Glen Lyn, VA. The transaction with Fairchild is expected to close in the third quarter of 2012; terms of the agreement were not disclosed. GE says that the two manufacturers are well positioned in dynamic growth regions for mining, including Australia, China (Industrea), and the U.S. (Fairchild). Both companies will become part of GE Transportation’s global mining business and will benefit from GE’s clean propulsion systems, energy-storage offerings, and system integration capabilities.

Share
HTML for Linking to Page
Page URL
Grade
Rate It
3.40 Avg. Rating

Read More Articles On

2016-12-07
The Boston-based startup believes the marine domain is even better suited for autonomous systems than aerospace, automotive and other off-highway sectors. The company is currently testing its technology on commercial vessels in Boston Harbor.
2016-12-08
Automation is one of three main technology areas—along with connectivity and alternative drivelines and fuels—that Volvo Construction Equipment is devoting significant R&D resources to further develop. The company recently demonstrated a prototype autonomous wheel loader and articulated hauler working together.
2017-02-28
SANY India, a manufacturer of construction, heavy machinery and renewable equipment, has entered into the mining segment.
2017-03-01
Ashok Leyland’s first Circuit electric bus is designed and engineered entirely in India, by Indians, for India.

Related Items

Training / Education
2013-04-09
Training / Education
2017-11-08
Technical Paper / Journal Article
2011-04-12
Standard
2013-05-03
Book
2014-01-21