Mitsui & Co. has acquired a 49.9-percent ownership stake in Australian mining equipment rental company National Plant & Equipment for more than AU $100 million (more than U.S. $102 million), according to Australian online news reports.
NP&E founder Mark Ackroyd, who founded the company in 1997, said the deal will strengthen National‚Äôs position in the Australian rental market, enabling the company to expand nationally and globally.
The deal also strengthens National‚Äôs relationship with Komatsu, which supplies a large portion of its fleet. National has more than 200 heavy mining and earthmoving machines in its fleet.
Mitsui has had interests in coal mining in the Australian state of Queensland since the 1970s.