TECO Coal acquires Perry County Coal Corporation
TAMPA, November 17, 2000
TECO Coal Corp., TECO Energy’s coal-mining subsidiary, announced today it has acquired the stock of Perry County Coal Corp. Terms of the transaction were not disclosed.
Perry County Coal is located in eastern Kentucky and currently produces about 2 million tons of coal a year. The company controls about 20,000 acres of owned and leased mineral properties, containing recoverable reserves of about 20 million tons. The reserves are being mined primarily by underground mining methods.
The assets acquired by TECO Coal include a 950-ton-per-hour preparation facility and a unit train loadout, serviced by CSX.
"Perry County Coal fits well into TECO Coal’s long-term growth strategy," said TECO Coal President Jim Shackleford, "and we look forward to being an integral part of Perry County and the Hazard community."
TECO Coal, primarily a low-sulfur coal producer, has other operations at Premier Elkhorn, Clintwood Ellkhorn and Gatliff in Kentucky, Virginia and Tennessee.
This addition will increase the companies’ shipments to some 10 million tons annually. TECO Coal's primary markets include the domestic and European steel industry, domestic utilities and certain industrial applications.
TECO Energy (NYSE:TE) is a diversified, energy-related holding company headquartered in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Power Services, TECO Transport, TECO Coal, TECO Coalbed Methane, TECO Propane Ventures and TECO Solutions.