MELBOURNE, Australia--Commercial explosives supplier Orica Ltd. (ORI.AU) said Wednesday it has struck a deal to buy a company that offers monitoring and measurement technologies to the mining industry for 205 million Australian dollars (US$157.1 million).
The Australian company said it had entered an agreement to acquire GP Holdco Pty. Ltd., which provides GroundProbe technologies, from Crescent Capital Partners.
Continue Reading Below
Orica Chief Executive Alberto Calderon said the acquisition would offer synergies with the company's existing operations and expands its ability to provide data-driven services for drilling and blasting in mining. GroundProbe's radar and laser based monitoring systems provide geotechnical slope stability monitoring and Orica said it is a profitable business.
The deal is expected to be completed in the first quarter, Orica said.
Write to Robb M. Stewart at email@example.com
(END) Dow Jones Newswires
December 19, 2017 18:12 ET (23:12 GMT)