Announcing that it will acquire two underground mining equipment manufacturers, GE has entered into an agreement to acquire Australia-based Industrea Ltd., a provider of safety and productivity-enhancing mining equipment and services, for A$700 million. The company also signed a binding Letter of Intent (LoI) to acquire Fairchild International, an independently owned and operated underground mining equipment manufacturer located in Glen Lyn, Virginia. Terms of the agreement were not disclosed.

The combination of the two entities expands GE’s product offering to address approximately 35% of the underground mining value chain. Industrea and Fairchild International together are well positioned in dynamic growth regions for mining, including Australia, China (Industrea), and the U.S. (Fairchild). GE will enable these regionally focused enterprises to reach a global customer base with enhanced products based on GE’s clean propulsion systems, energy storage offering, and world-class system integration capabilities. Both Industrea and Fairchild International will benefit from GE’s lean manufacturing and effective global supply chain management.

Both companies will become part of GE Transportation’s global mining business which utilizes the people, technologies and products from across GE to help its customers solve their toughest mining challenges. GE helps mines work better by providing innovative solutions in critical areas such as power, water and productivity.