Minetec bought out for up to $10m

22/12/2011 - 13:50

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South-Australian technology company Codan has agreed to acquire all shares in Perth-based resource communication technology company Minetec for $6 million, with up to $4 million in additional payments available in certain earn-out targets are achieved.

In a statement Codan said Minetec was expected to deliver approximately $1 million earnings before interest, taxes, depreciation and amortization in the first half of 2012.

Minetec designs and manufactures a range of electronic products and software, in recent years developing communication products which improve mine safety and productivity in underground mines.

Codan will operate Minetec as a stand-alone business unit and will use it as the foundation for future growth in the resource sector.

Codan managing director Donald McGurk said the mining sector offered significant opportunities for future growth and Australia was considering to be one of the world’s most innovative mining technology communities.

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