James River Coal to buy 2 firms - WVVA TV Bluefield Beckley WV News, Weather and Sports

James River Coal to buy 2 firms

Posted:

RICHMOND, Va. (AP) -- James River Coal Company says it has agreed to buy two coal companies in a deal worth $475 million in cash.

The Richmond-based producer of steam and industrial-grade coal said Sunday it plans to buy International Resource Partners and its sales and marketing subsidiary Logan & Kanawha Coal.

CEO Peter Socha says the deal expands its offerings of metallurgical coal and gives the company greater access to seaborne coal markets. The deal is expected to close in the first half of 2011.

International Resource Partners is a privately held partnership based in Charleston, W.Va. It operates a total of nine underground and surface coal mines in southern West Virginia and eastern Kentucky. The company's mines produced 1.9 million tons in 2010.

Powered by WorldNow
All content © Copyright 2000 - 2013 WorldNow and WVVA.
All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Administrative Assistant Audrey Sluss at (304) 324-0659. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.