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Walter Industries Announces Coal Company Purchase
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Published: September 8, 2008
TAMPA - Tampa-based Walter Industries Inc. said this morning that it has bought a coal producer in Alabama for $23.5 million.
The acquisition of Taft Coal Sales & Associates will add $3.3 million in debt to Walter's balance sheet, but Walter said the acquisition will be a good fit for its coal business.
Taft produces about 600,000 tons of coal each year and has about 4.3 million tons of coal reserves, including 500,000 tons of metallurgical coal, which is used to produce steel, Walter says in a written statement.
"The proximity of our operations to each other provides excellent opportunities for synergies between the businesses," Walter Industries Chairman Michael T. Tokarz said.
Shares in Walter fell to $74.38, or down $2.10, in morning trading.
Reporter Russell Ray can be reached at (813)259-7870 or rray@tampatrib.com.
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