Austin Engineering has expanded its mining bucket range, and will acquire South African mining attachment business VR Steel.
The company has announced an MoU to acquire 74.9% of the shares in Van Reenen Steel.
The $21.8 million acquisition will see Austin enter into the deal with VR Steel's Black Economic Empowerment (BEE) partner, the Building Exciting Education Trust, which will maintain a 25% plus one share holding.
According to Austin, the acquisition is part of the company's wider acquisition strategy.
This latest takeover "provides a low risk entry in to the African mining products market; exposure to the China market and manufacturing capabilities; exposure to the US/South American/Indonesia market for draglines, dippers, and shovels; and opportunities for Austin and VR Steel to cross-sell their product to each other's customers in their traditional markets".
It will also add the VR truck body to its range, expanding upon the Westech range it already has.
Austin managing director Michael Buckland said "the combination of Austin Engineer and VR Steel will see a clear market leader on a global basis delivering a range on non-EOM products within the industry".
It is also carrying out due diligence on two other acquisition targets.
Austin Engineering has also released a new EX8000-6 bucket design.
The new bucket is designed with Hitachi's recommended maximum envelope, including correct boom stick geometry, boom and stick clearance, cab and deck structure clearance, and maximum suspended load.
Importantly "end users can be assured that there will be no warranty implications with their machine," Austin stated.