Mitsui buys half of National Plant & Equipment

Mitsui & Co. has acquired a massive stake in Australian mining equipment rental company National Plant & Equipment for more than $100 million.

The Japanese company acquired a 49.9% stake in the Australian firm to gain a greater foothold in the Australian market.

According to National Plant and Equipment founder Mark Ackroyd the deal will also bolster National's position.

"This deal greatly boosts our potential growth; with Mitsui & Co. as a partner, we have the potential to become of the largest suppliers of rental equipment to the mining industry," Ackroyd said.

"Our new partnership could also see National Plant & Equipment expand its reach in Australia and potentially globally.

A Mitsui representative explained that the acquisition of the National stake gave the company the opportunity to quickly gain a foothold in the relatively tight mining equipment rental business in Australia.

The actual price of the deal remains undisclosed. 

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