Industrea managing director and chief executive officer Robin Levison said, "GE’s resources, technical expertise and global customer relationships are expected to accelerate the growth of Industrea’s businesses, building on the company’s strong reputation for products and services that enhance the safety and productivity of mining companies."
The transaction is subject to conditions precedent, including obtaining required regulatory approvals and it is expected to close later in 2012.
GE inaddition, has signed a binding letter of intent (LOI) to acquire n independently owned and operated underground mining equipment maker Fairchild International, a US mining supplier, for an undisclosed amount.
The transaction is expected to close in the third quarter of 2012.
Fairchild International president Myrleen Fairchild said, "This is an exciting time for Fairchild International, our employees, my family, and for me. I want to thank all our customers and suppliers for their trust and support over the past decades. I’m confident that our people and products will continue to flourish under the leadership of GE for the benefit of our customers."
The company said the two deals expands GE’s product offerings to address about 35% of the underground mining value chain.
