Major Drilling Announces Agreement To Purchase The Business of Taurus Drilling Services
MONCTON, NB, July 21, 2014 - Major Drilling is pleased to announce its entry into the underground percussive/longhole drilling sector with its agreement to purchase the operations of Taurus Drilling Services. This business operates in Canada, the U.S. and Mexico, providing underground percussive/longhole drilling to mining company clients.
Through this purchase, Major Drilling will acquire 39 drill rigs, together with related equipment, inventory and contracts. In addition to purchasing the drilling assets, Major Drilling is retaining the operation's management teams, as well as the other employees, including experienced drillers. Over the past 12 months the operations of Taurus have produced revenue of approximately $38 million and EBITDA of approximately $8 million. The closing of the transaction is currently scheduled for August 1, 2014, and is subject to normal closing conditions.
- Published: 22 July 2014
- Written by Editor