The corporate team at leading law firm Cobbetts has advised on the sale of Hydra Mining Tools International to the UK division of US engineered products manufacturer ESCO Corporation.

Hydra Mining Tools International is a preferred provider of underground mining cutting systems for the global coal mining market. The firm, which employs 130 people, operates across two sites in the UK, as well as a manufacturing base in China, Shanxi Hydra, and a US-based sales office.

The sale of Hydra Mining Tools International provides an exit for the non-executive director Paul Morton but the executive directors of the business Gordon McShannon, John Warren and John McShannon , will continue to work with ESCO to ensure a seamless transition to the new owner.

ESCO (UK) Limited is a leading designer, developer and manufacturer of highly engineered wear and replacement products used in mining, infrastructure development, power generation, aerospace and industrial applications. Founded in 1913 in Portland Oregon USA, parent company ESCO Corporation employs 5,200 people across its global operations.

The Cobbetts team was led by partner David Armitage and was assisted by associate solicitor Alex Birch and solicitor Stephen Roberts, alongside support from a variety of specialists.

David Armitage, corporate partner at Cobbetts, said: “The sale of Hydra Mining Tools International demonstrates the growing demand for specialist mining technology and the increasing globalisation of the industry.
 
“The financial support and access to ESCO’s global network will enable Hydra Mining Tools International to take its operations to the next level and expand the distribution of its quality mining products. Hydra’s expertise in underground mining cuttings systems will complement ESCO’s leading market position in consumables and equipment for surface mining.”

“We are excited about ESCO’s acquisition of Hydra Mining Tools and the synergies and global opportunities that it will bring to ESCO,” said Cal Collins, ESCO’s President and Chief Operating Officer. “This acquisition opens the door for ESCO into the fast growing Chinese underground coal mining markets and positions ESCO for continued expansion into the established underground coal market in the U.S. and Australia. We will leverage the ESCO brand and our expertise in mining wear parts and solutions to better service our customers.”

A team, led by Joanna Smith, from Teesside law firm Endeavour Partnership provided legal advice to the buyer and comprised Nik Tunley, Toby Tilly and Fiona Gibbon, amongst others.