("GE To Buy Mining Supplier Industrie For Almost $700M," at 8:09
p.m. EDT, misspelled Industrea's name in the headline. This is the
correct version:)
General Electric Co. (GE) agreed to buy Australia-based
mining-equipment maker Industrea Limited (IDL.AU) for about A$700
million ($696.6 million), adding to its footprint in a fast-growing
sector.
The industrial conglomerate also agreed to acquire privately
held equipment maker Fairchild International, a U.S. mining
supplier, for an undisclosed amount.
GE touted both acquisitions as a way to take advantage of
growing mining in Australia, China and the U.S. The deals expand
GE's breadth of product offerings to address about 35% of the
underground mining value chain, the company said.
GE's shares were recently up 4 cents at $18.44 after hours. The
stock has declined by about 7.5% over the past year.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909;
Andrew.FitzGerald@dowjones.com