Mining Services: GR buys Arizona outfit Hanlon, Vysarn adds on Iluka deal
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GR Engineering Services (ASX:GNG) will swallow up Arizona-based consultancy Hanlon Engineering & Associates in its bid to hopefully add value to shareholders’ investments by next year.
GR is tipping its acquisition of architecture and engineering company Hanlon to improve its earnings per share by the June quarter of 2021.
Hanlon is expected to immediately add revenues to GR’s bottom line, with its active workload and future growth prospects.
The buy-up will add more work to GR Engineering’s pipeline of work in the Americas region.
GR managing director Geoff Jones saw the acquisition as a growth move for the company in the region.
“Hanlon has a strong local brand with an excellent safety record and longstanding relationships with major mining clients,” he told the market this morning.
“Hanlon has an experienced management team capable of taking advantage of the numerous growth opportunities that exist in the Americas.”
Hanlon has a staff of 40 people and a second office in Elko, Nevada.
Vysarn (ASX:VYS) subsidiary Pentium Hydro has been awarded a $1.875m contract with mineral sands major Iluka Resources (ASX:ILU) to drill dewatering and injection wells. Pentium will drill the wells at the Southern Area development project at Iluka’s Cataby mine site. The contract added 6 per cent to put Vysarn’s share price at 7c by late morning.