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Canadian company buys PBS Coals
By: WJAC Web Staff
TORONTO -- A Canadian coal company has purchased a Somerset County-based coal subsidiary for $60 million, according to a news release issued Tuesday.
Corsa Coal Corp., based in Toronto, announced it has purchased PBS Coals in a $60 million cash transaction.
"This acquisition is a perfect match for Corsa's strategic vision of building a low cost, premium-quality metallurgical coal producer. Corsa is now positioned with the asset base and financial flexibility required to capitalize on the company's ambitious growth plans," said Corbin Robertson III, Corsa's Chairman and Co-Founder of Quintana Capital Group, the largest shareholder of Corsa.
PBS Coals has been owned by Russian-based Severstal since 2008. PBS includes 13 developed mines and two coal preparation plants. Three of the 13 mines are active.
Corsa officials said the transaction should be completed by mid-August.
There was no immediate information about the status of PBS employees regarding the sale announcement.