Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
FLSmidth has today signed a share purchase agreement to acquire 100% shareholding in Phillips Kiln Services Ltd., a US-based supplier of kiln services for the cement and minerals industries.
Phillips Kiln Services is a well-established international services provider that specialises in the maintenance, reconditioning and repair of kilns and related equipment. Capable of working on all makes and models of rotary kilns, dryers, and associated equipment, the company offers an excellent mix of services and competencies to the cement and minerals industries.
The share purchase agreement and the subsequent acquisition of Phillips Kiln Services is a natural extension of FLSmidth’s Customer Services business and fits perfectly the service offerings to cement and minerals customers worldwide. With a significant geographical footprint, Phillips Kiln Services offers a unique network of local specialists, who can service FLSmidth’s global customers locally.
“We continuously seek to strengthen the services we provide to our customers. The acquisition of Phillips Kiln Services complements and supports our service activities in both the cement and minerals industries and will contribute to further expand FLSmidth’s successful Customer Services business,” Group CEO Jørgen Huno Rasmussen, says.
Founded in 1969, Phillips Kiln Services has a strong track record. The company is located in South Sioux City, Nebraska, USA and has around 190 employees including joint venture staff who all work on a global scale.
————————————-
Please address any questions regarding this announcement to Group Executive Officer Jørgen Huno Rasmussen, FLSmidth & Co. A/S at +45 36 18 18 00.
For further information about FLSmidth, please visit www.flsmidth.com.
