General Electric Co. (>> General Electric Company) agreed to buy Australia-based mining-equipment maker Industrea Limited (>> Industrea Ltd.) for about A$700 million ($696.6 million), adding to its footprint in a fast-growing sector.
The industrial conglomerate also agreed to acquire privately held equipment maker Fairchild International, a U.S. mining supplier, for an undisclosed amount.
GE touted both acquisitions as a way to take advantage of growing mining in Australia, China and the U.S. The deals expand GE's breadth of product offerings to address about 35% of the underground mining value chain, the company said.
GE's shares were recently up 4 cents at $18.44 after hours. The stock has declined by about 7.5% over the past year.
-By Drew FitzGerald, Dow Jones Newswires; 212-416-2909; Andrew.FitzGerald@dowjones.com