Ausdrill Limited
(ASX:ASL) has inked a deal to buy the Best Tractor Parts Group for $165 million. The mining services company says the purchase is strategically important as it provides a logical fit with Ausdrill Mining Services and other Ausdrill divisions.
Managing Director Ron Sayers says Best Tractor Parts Group will enable Ausdrill to introduce new revenue streams, grow its hire fleet, enhance maintenance capabilities and build relationships with blue-chip customers.
Best Tractor Parts Group was established more than 25 years ago and generated revenues of about $176 million in the 2012 financial year.
Shares in Ausdrill dipped 0.29 per cent before entering into a trading halt yesterday, finishing the day at $3.44 before the announcement was made.
In the first half of the 2012 financial year Ausdril’s net profit rose 50 per cent to $54.4 million.
