Austin Engineering Limited says it has successfully completed the acquisition of Australia-based mining equipment manufacturer, Mainetec Pty Ltd for an initial amount of A$19.6 million ($12.3 million).

The acquisition, Austin says, provides it with numerous operational benefits, both immediately and in the long-term.

Mainetec’s premium range of “Hulk” buckets will complement Austin’s JEC-HP high performance and standard bucket ranges, as well as bolster the company’s presence on the East Coast of Australia by leveraging Mainetec’s existing strong market share in the region, it said. This is anticipated to have a cascading benefit to Austin’s Austbore Mackay repair and maintenance service business.

Beyond Australia, Mainetec’s electric rope shovel dipper bucket is a high-value product that Austin is already progressing plans to offer across the US, Canada and Chile markets, which are markets that have a high demand for large dipper buckets and where Austin already has an established presence, it says.

Additionally, Mainetec’s condition monitoring software system, ‘Mainetrack’, will be used across the Austin’s fleet to maximise productivity.

Austin CEO and Managing Director, David Singleton, said: “It is very pleasing to finalise our acquisition of Mainetec which will deliver significant and tangible value to Austin. This acquisition ticks all of the right boxes; it will complement our core product range, enhance our market presence in Australia and beyond, and is set to deliver enhanced earnings.

“I am looking forward to working with the founders of Mainetec and their workforce as we collectively strive to achieve a phase of prolonged growth.”