Bis Industries has acquired Queensland-based innovative haulage company Powertrans for $30 million as it prepares to launch a long-awaited initial public offering.
It aims to offer the mining industry lower cost, higher-productivity alternatives to conventional large mining trucks.
Bis will take ownership of Powertrans' technology and related intellectual property, which it says will deliver earnings benefits through a reduction in capital costs and repair and maintenance costs.
"The acquisition of Powertrans follows an extensive process to bring together the dual powered road train technology and intellectual property with the customer relationships and operational expertise that Bis Industries has today," Bis chief executive Ian Lynass said.
Bis is meanwhile believed to be launching a $510 million initial public offer raising this week after months of speculation.
The company is understood to be due to issue a prospectus with the Australian Securities and Investments Commission later this week after completing a global investor roadshow.
The company has offices around the country but its corporate headquarters remains in Perth.