Alley-Cassetty Companies, Inc. has sold its coal trading division to Coeclerici, as the company looks to increase its business in the US.
The acquisition of the coal trading division comes shortly after Coeclerici acquired 100% ownership of German company Dako Coal.
US coal market
Coeclerici Coal Network LLC, a US company in which Coeclerici holds a 51% stake, has acquired 100% ownership of the coal trading division of Alley-Cassetty Companies, Inc., a coal trading and brokerage company headquartered in Nashville, Tennessee.
Coeclerici’s access to the US market will now be able to expand from its previous focus on the Ohio and Mississippi river basins. The company hopes the move will reinforce its position in the coal markets in the southern and western US. The company sees these areas as “the most important coal reserves in the US.”
Paolo Clerici, president and CEO of Coeclerici, said he was “proud” of the acquisition. He noted that “it confirms the long-term relationship [Coeclerici has] established in the US market […] the acquisition reinforces our position in one of the world’s most important markets.”
Alley-Cassetty was originally founded in 1879, operating in the Tennessee coal sector, as well as the coal sector of surrounding US states. In 2012, the company’s turnover exceeded US$ 30 million.
Adapted from press release by Sam Dodson
Read the article online at: https://www.worldcoal.com/coal/09092013/us_coal_market_targeted_by_coeclerici_22/