LAS VEGAS: The much-expected sale of Long-Airdox will not go ahead.
Marmon Group vice president Dave Roberts revealed the company's withdrawal from the market exclusively to ILN and MiningNews.net while attending MINExpo in Las Vegas today.
"We have withdrawn from trying to sell this business," Roberts said.
"After considering various offers, we have decided against selling either company and both companies will continue as autonomous members of The Marmon Group as they have in the past.
"This process has been both long and stressful on the employees of both companies. We did receive offers but none of them met our criteria."
Roberts declined to say what price Marmon was hoping to attract for the longwall mining supplier but said it had seen an opportunity to test the market.
On the future of Long-Airdox, Roberts said there were no plans in the short to medium-term to sell.
The next step will be to appoint a new president. Until that appointment has been made, Roberts said there would be no change in direction of the company.
Roberts said he wouldn't be surprised if mining became a core competency of Marmon, which has a turnover of about US$7 billion a year.