Alpha and Foundation to form third largest US coal producer
US coal producers Alpha Natural Resources and Foundation Coal Holdings have merged to create the nation's third largest coal producer.
Alpha and Foundation collectively operate 59 coal mines and 14 preparation plants and will have combined coal reserves of more than 2.3 billion tonnes. The merged company will have a market capitalisation of $3.5 billion and an enterprise value of $4 billion, according to the companies.
Michael Quillen, chairman and chief executive officer of Alpha, says the merger is creating a US leader in the energy sector. "Combining our resources and experience puts us in an excellent position to compete in
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