UGM Holdings has acquired ADDCAR Systems from Arch Coal for a total price of around $21m.
ADDCAR is based at Kentucky, US, and is involved in the manufacturing, servicing and operating of highwall mining equipment.
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As part of the deal, UGM will acquire all licenses, patents and technology related to the ADDCAR highwall mining system and the manufacturing facility, situated in Ashland.
The acquisition also includes all the existing contract mining and equipment lease agreements.
Since the International Coal Group (ICG) acquisition in 2011, ADDCAR has been a wholly-owned subsidiary of Arch Coal.
Arch Coal president and CEO John Eaves said the divestiture is consistent with previously announced and on-going efforts to monetise non-core assets.
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By GlobalData“With this sale, we are continuing to sharpen our focus on our core competencies of mining and marketing coal,” Eaves said.
“We wish UGM success as it expands its mining expertise and reach, and we thank the employees of ADDCAR for their dedication and professionalism.”
Arch Coal, which controls around 5 billion tonnes of metallurgical and thermal coal reserves, serves customers on five continents.
UGM Holdings is an Australian-based firm that provides support to mining and related industries.
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