https://www.engineeringnews.co.za

Major Drilling buys Timmins-based contractor Norex

7th October 2019

By: Creamer Media Reporter

     

Font size: - +

Drilling services company Major Drilling has acquired family-owned drilling company Norex Drilling from Timmins, Ontario for $19.7-million.

Major Drilling CEO Denis Larocque said on Monday that the acquisition was a “unique opportunity” to gain a position in surface and underground exploration drilling services in the prolific north-eastern Ontario region.

“We are very excited to welcome Norex and its 120 employees into the Major Drilling group. Norex has been operating successfully in the Ontario marketplace for some 40 years, and has a solid reputation with its clients,” said Larocque.

Major Drilling is retaining the management team, is gaining access to skilled and experienced drillers and personnel, and is taking over existing contracts. Through the purchase, Major Drilling will also acquire an additional 22 drill rigs, including 17 compatible specialised surface drill rigs and five underground drills, together with related support equipment and inventory. 

For the last two years, Norex had average yearly revenue of about $21-million.

The purchase will consist of a $15.2-million cash payment, $2-million in shares and an earn-out of $2.5-million payable in cash following the third anniversary of closing. 

The acquisition is expected to close on or about November 1.

Edited by Mariaan Webb
Creamer Media Contract Publishing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Rio-Carb
Rio-Carb

Rio Carb is an OEM (Original Equipment Manufacturer) of R-C700 Chromium Carbide (CrC) alloy clad wear plates and pipes used for heavy materials...

VISIT SHOWROOM 
Industrial Nozzles & Systems (Pty) Ltd
Industrial Nozzles & Systems (Pty) Ltd

Industrial Nozzles & Systems (Pty) Ltd (Est. 2000) exclusive representative in Southern Africa for LECHLER GmbH (Est. 1879) - Europe's leading...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.058 1.053s - 140pq - 2rq
Subscribe Now