GLEN LYNN, Va. (AP) -- A Virginia underground mining equipment manufacturer is being acquired by General Electric.
GE says in a news release that it's signed a binding letter of intent to acquire Glen Lyn-based Fairchild International.
GE didn't disclose financial terms of the agreement.
GE also plans to acquire Industrea Ltd, a mining products and services provider in Queensland, Australia.
Both transactions are expected to close in the third quarter. The two companies will become part of GE Transportation's global mining business.
GE Transportation president and CEO Lorenzo Simonelli says the acquisition of Fairchild International will combine nearly 50 years of industry knowledge and expertise in mining equipment with GE's global reach, system integration capabilities and technology leadership in clean propulsion and energy storage systems.