American Industrial grinds out Moly-Cop deal for $1.2B
November 07, 2016
Industrial Supplies and Parts | St Leonards, Australia | Buyout
American Industrial Partners has reportedly acquired the Moly-Cop assets of embattled Australian industrial conglomerate Arrium (ASX: ARI) for about $1.2 billion. The unit manufactures steel balls for grinding up ore from operations based in the US and Latin America. Expected to close in 1Q 2017, the deal should make sure Arrium’s lenders receive about 50 cents on the dollar toward the A$2.8 billion they were owed following the mining & material company’s demise, according to The Australian.