News Articles for Orionstone

Heavy equipment supplier Emeco Holdings has launched a fully underwritten $20 million capital raising to fund its three-way merger with east coast companies Orionstone and Andy's Earthmovers.

Heavy equipment supplier Emeco Holdings has turned its focus to completing its merger with east coast companies Orionstone and Andy's Earthmoving after noteholders backed a complex balance sheet restructuring today.

Osborne Park-based heavy equipment supplier Emeco Holdings has reduced its first-half net loss after tax by around 70 per cent, to $31.3 million for the six months to December.

The planned three-way merger between Perth-based Emeco Holdings and east coast companies Orionstone and Andy's Earthmovers will not proceed as planned after the deal failed to win sufficient backing from creditors.

Perth-based Emeco Holdings has gone into a trading halt ahead of announcing fresh merger plans, with Queensland-based Orionstone and Victoria-based Andy's Earthmovers earmarked as the other players.

Emeco Holdings managing director Ken Lewsey has resigned as the company continues to push towards profitability.

Plans by Emeco Holdings to diversify and accelerate its growth through M&A deals have come to naught, after the mining equipment supplier announced today its agreed takeover of Perth company RentCo and its merger discussions with Queensland competitor Orionstone had both been terminated.

The liquidation of mining services outfit C&G Group Industries has revealed links between the Western Australian operation's director, Christopher Skelly, and a messy business collapse in Christchurch New Zealand.

Emeco Holdings has entered merger discussions with Queensland-based Orionstone, three weeks after the rival mining equipment supplier proposed a nil-premium merger.

The takeover negotiations facing mining equipment supplier Emeco Holdings got more complex today after it received a merger proposal from Queensland-based competitor Orionstone, which has also pushed for Emeco to scrap its planned purchase of truck rental company Rentco.

Belt tightening among Western Australia's mining equipment hire operations, miners and mining contractors is pushing record volumes of yellow equipment into auction yards.