Austin Engineering Limited has reached an agreement to acquire Australian mining equipment manufacturer Mainetec in a deal valued at $19.6 million.
Mainetec is a leader in the design and manufacture of high-performance, customised excavator miningbuckets and currently supplies several blue chip mining companies.
The company builds and upgrades dipper buckets, and supplies the majority of dipper bucket systems in Australia. It also manufactures rope shovels and offers bucket repairs and spare parts.
Austin CEO and Managing Director, David Singleton said the acquisition will give Austin access to Mainetec’s Hulk range of high-performance mining buckets, increasing the potential customer base in all of Austin’s markets.
“The key benefits of this acquisition for Austin are the ability to expand our mining bucket offering in Australia and then to offer that into our other markets around the world,” Mr Singleton said.
“The acquisition has clear synergies for both companies. Mainetec complements our core business offering and Austin is able to integrate more competitive supply chain economics and cost synergies into the Mainetec business.
“Additionally, in Mainetec we gain a very talented team as well as some leading design IP. I am pleased to welcome the founders of Mainetec and their workforce to Austin, with the determination that Austin will assist them to continue product development that will enable further growth and success in Australia and beyond.”
