The $A2.8 million deal also included acquiring the associated intellectual property, manufacturing line and an agreed inventory with PPK paying $1.4 million up front, and agreeing to pay the other half in monthly instalments for the next year.
PPK said the MONex EMS was an integral part of the Coaltram it manufactures at its Tomago production facility in New South Wales.
“PPK is delighted to have completed the acquisition of the MONEx EMS technology and looks forward to now being able to provide a ‘one stop shop’ original equipment manufacturer experience for all Coaltram customers,” PPK executive chairman Robin Levison said.
“Full ownership of this technolog,y including patents and trademarks, will also allow a much easier path to export, specifically to the Chinese and South African markets.”
PPK Group acquired the Coaltram mining equipment business from Diversified Mining Services Ltd in an all-cash transaction for $13 million in March.
Former Industrea chief Levison became PPK’s executive chairman in October and has a 19.9% stake in the company.
