GE today announced its intention to acquire two underground mining equipment companies, launching the Company into the $61 billion global mining equipment market.
GE will acquire 100 percent of Australia’s Industrea Limited, a publicly traded company, pending approval by shareholders and government regulators. The transaction is valued at approximately A$700 million. GE will also acquire Fairchild International, an independently owned and operated maker of underground mining equipment based in Glen Lyn, Virginia. Terms of the Fairchild transaction have not been disclosed.
Both companies will become part of GE Transportation’s global mining business which connects people, technologies and products from across GE to help its customers solve their toughest mining challenges. GE helps mines work better by providing innovative solutions in critical areas such as power, water, and productivity.
GE intends to accelerate technology development to provide the global mining industry with expanded product and service offerings with the most efficient, highest productivity, and lowest emissions equipment.