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.

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