Industry leader broadens presence in sector

摘要

MONADELPHOUS GROUP LTD has entered into an agreement to acquire Hunter Valley-based coal services business Ellavale Engineering Pty Ltd. Monadelphous will purchase the business and associated property of Ellavale Engineering for a total consideration of 7.25 million dollars, including an earn-out component which is subject to the achievement of financial targets. Of the total consideration, 2.75 million dollars will be satisfied by the issue of Monadelphous shares with the balance paid in cash. Ellavale Engineering is the leading dragline and shovel maintenance provider servicing the NSW coal industry and has a client base that includes the major resource companies Rio Tinto Ltd, Xstrata plc and Anglo Coal Ltd.