TOKYO -- Hitachi Construction Machinery has acquired two suppliers of parts and services for mining equipment with operations in the U.S. and Australia, continuing its expansion into the support business amid sluggish demand in its mainstay machinery market.
The Japanese company announced Wednesday the purchase of all outstanding shares of H-E Parts International and H-E Parts Australian Holdings for $240 million from H-E Parts Investors. The acquisition, funded through cash on hand and loans, is Hitachi Construction's second mining-related deal this year after a recent agreement to buy Australian manufacturer Bradken.
