Alpha Natural Resources Announces $316 Million Coal Acquisition in Central Appalachia,
ABINGDON, Va., Sept 26, 2005 /PRNewswire-FirstCall via COMTEX/ -- Alpha Natural Resources, Inc. (NYSE: ANR), a leading Appalachian coal producer, has through its subsidiaries signed definitive purchase agreements to acquire coal reserves and operations affiliated with the privately held Nicewonder coal group in southern West Virginia and southwestern Virginia. The aggregate purchase price is $316.2 million. The acquired properties are expected to add about 4.3 million tons to Alpha's coal output in 2006, representing an increase of approximately 20 percent over Alpha's expected coal production this year. The acquisition is expected to be accretive to earnings and to significantly boost Alpha's operating results and free cash flow generation going forward.
This is a HUGE DEAL!