EM – Fortescue buys Williams Advanced Engineering for $222 million

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A truck carrying iron ore moves along a road at Fortescue Metals Group’s Christmas Creek iron ore mine south of Port Hedland in the Pilbara region of western Australia, November 17, 2015. (FILE PHOTO: REUTERS/Jim Regan)

Fortescue Metals Group will buy Williams Advanced Engineering Limited (WAE) from private equity firm EMK Capital and Williams Grand Prix Engineering for £164 million ($222.15 million), the iron miner said on Monday (April 24). January).

Fortescue added that one of the first major projects to be developed will be a battery electric train concept, with details to be released in early 2022.

Fortescue Future Industries (FFI) and WAE will work together to bring Fortescue decarbonize – and in turn, global heavy industry and hard-to-reduce sectors, said Fortescue chairman Andrew Forrest.

Australia’s richest man, Forrest, wants the company to become the world’s largest green energy group, with a focus on hydrogen in its green power arm FFI.

“This acquisition and investment will facilitate the company’s continued growth to provide zero-emission products and services in existing sectors – such as automotive, Motorsport and Off-Highway – and also to support new sectors,” said Craig Wilson, CEO of WAE.

The transaction, which will be funded from Fortescue’s existing cash sources, is expected to close at the end of March.

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