Australia’s Seven Group Sells China Mining Equipment Unit for $426 Million
Australia’s Seven Group Holdings Ltd. said it will sell its China-based mining equipment business to Lei Shing Hong Machinery Ltd. for A$540 million ($426 million), as it looks to recoup capital for new investments in its home market.
The sale comes as the company, WesTrac China Co. Ltd., is performing well in an industry that is prone to cycles due to changing government policies and volatility in global commodity prices. Founded in 2001, WesTrac sells equipment in Shanxi, Hebei, Liaoning, Heilongjang and Jilin provinces, as well as the Inner Mongolia autonomous region and the cities of Beijing and Tianjin.
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