GE pursues two underground equipment makers
U.S.-based multinational conglomerate General Electric (GE-N) has announced it is pursuing acquisitions of two underground mining equipment manufacturers to expand its global mining business.
GE has entered into an agreement to acquire Australia-based mining equipment and service provider Industrea (IDL-A). The transaction is valued at A$700 million. GE has 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. Terms of the agreement were not disclosed, and the transaction is expected to wrap up this September.
GE plans to enable the regionally focused Industrea and Fairchild International enterprises to reach a global customer base and enhance the products with GE’s clean-propulsion systems, energy-storage offering and system-integration capabilities.
Industrea has more than 700 employees, seven Australian locations and a big presence in China. The company has four divisions: mining equipment, mining technology, gas management and mining services.
“Industrea has built an attractive business supplying major mining companies in growth regions,” states Lorenzo Simonelli, president and CEO of GE’s transportation division.
Fairchild International employs 150 people and manufactures a range of underground mining equipment, including diesel and battery-powered scoops, continuous miners, haulage systems, shield haulers and maintenance vehicles.
“With the acquisition of Fairchild International . . . we will bring the next generation of top-performing, underground mining equipment to customers around the globe,” Simonelli says.
Dassault Systèmes to acquire Gemcom
France-based 3-D design company Dassault Systèmes (DASTY-Q) has struck a deal to buy Vancouver-headquartered geological modelling and simulation firm Gemcom Software International for US$360 million in cash.
“With the acquisition of Gemcom, coupled with our 3-D experience platform capabilities, our objective is to model and simulate our planet, improving predictability, efficiency, safety and sustainability within the natural resources industry and beyond,” says Bernard Charlès, president and CEO of Dassault Systèmes.
“This acquisition will clearly benefit Gemcom’s customer base,” Gemcom’s CEO Rick Moignard says. “Advanced technologies in 3-D modelling and simulation will not only enable engineers and geologists to model and visualize resources, but also improve sustainable mine productivity.” Moignard will become the CEO of the newly created Geovia brand, which will incorporate Gemcom.
Dassault will close its acquisition of privately held Gemcom in July.
Gemcom separately announced that effective April 4, 2012, it acquired a majority interest in independent distributor Gemcom Russia.
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