Coal Age Magazine - For more than 100 years, Coal Age has been the magazine that readers can trust for guidance and insight on this important industry.
Issue link: https://coal.epubxp.com/i/1055558
42 www.coalage.com November 2018 suppliers news continued Energy, Chemicals and Resources (ECR) segment to WorleyParsons Ltd. for $3.3 billion, consisting of $2.6 billion in cash and $700 million in WorleyParsons ordi- nary shares. Upon closing, Jacobs expects to receive approximately $2.6 billion in net proceeds from the transaction, which initially will be used to pay down fl oat- ing-rate debt. Following completion of the sale, Jacobs will focus solely on its two higher growth, higher margin lines of busi- ness, the company reported. BKT's New Production Site is Under Way Balkrishna Industries Ltd. (BKT), one of the leading off-highway tire manufactur- ers headquartered in India, announced a $100 milion construction project for a new production site to serve not only the U.S. markets, but the entire American region. This new production site will be the mul- tinational group's fi rst manufacturing site outside of India. While Europe is currently BKT's largest sales market, the Americas are becoming an increasingly interesting and expanding market. The more than positive outlook led to the decision of establishing a new wholly-owned subsidiary company in the U.S. to set up a green fi eld project for the construction of a new tire manufacturing plant in the USA. The project has been approved by the board of directors and the company is looking for an appropriate terrain, which will be de fi ned by the end of this year, so that land acquisition will take place by the end of the fi rst quarter 2019. Project com- pletion is targeted for March 31, 2021. Motion Industries Acquires Hydraulic Supply Company Motion Industries Inc., a wholly owned subsidiary of Genuine Parts Co., an- nounced it acquired Hydraulic Supply Co. (HSC). Headquartered in Miami, Florida, and with 30 locations, HSC is a full-ser- vice distributor, offering more than 8,000 hydraulic, pneumatic and industrial products. With annual sales of $5 billion, Motion Industries is an industrial parts distributor of bearings, mechanical power transmission, electrical and industrial au- tomation, hydraulic and industrial hose, hydraulic and pneumatic components, industrial products, safety products, and material handling. Fairmont Opens 2 New Locations in Coal Country Fairmont Supply Co. opened two new branch locations, one in Wharncliffe, West Virginia, and one in Cumberland, Ken- tucky. The expansion takes the company's total sites to 22. The move was strategic. The expan- sion positions Fairmont to increase mar- ket share within each of the respective industries, including coal, energy, and manufacturing, the company reported. In addition, each site is staffed with personnel with skills and knowledge sought by local customers.