NRW expands Qld operations

Perth-based NRW Holdings has announced it will expand its exposure in Queensland, after entering an $84 million deal with Comiskey Earthmoving.

Under the deal NRW will purchase a fleet of heavy plant and equipment and an inventory of earthmoving tyres from Queensland-based Comiskey.

NRW said the deal would be funded by a mix of debt and existing cash reserves, and expected settlement to occur April 21.

"The fleet purchased represents a strategic opportunity to expand the company's operations in Queensland within a tightening market for heavy earthmoving plant and equipment," NRW said in a statement.

"Some of the acquired fleet will be deployed to the Middlemount Coal project where mobilisation has commenced on the preliminary works contract, announced by NRW on January 11, 2011."