Diversified mining equipment and services group PPK Group (ASX: PPK) has bought 45 per cent of armour manufacturer Craig International Ballistics.
PPK, chaired by former Industrea boss Robin Levison, paid cash and issued shares to the value of $5 million for 45 per cent of Craig, Australia’s largest manufacturer of body armour.
Craig makes personal body amour and ballistic shields (pictured), armour for private and military vehicles, and armour panels for aircraft for defence forces and security organisations.
It utilises a range of advanced materials such as HHA steel, alumina oxide, boron carbide, silicon carbide, Du Pont kevlar and bullet resistant glass.
Craig has a R&D agreement with Deakin University to develop reinforced transparent armour.
PPK did not state its reason for buying into Craig, which is outside its stated area of interest in mining equipment and services.
However PPK does state it is interested in “acquiring…innovative and profitable technology, productivity and safety related mining services companies.”
PPK was founded in Brisbane as Plaspak Group and originally manufactured plastic products before dabbling in retirement villages.
Following the sale of these businesses in 2006, PPK refocused its operations on mining services, attracting as a major investor Levison, now executive chairman.
Levison is one of Australia’s most successful mining equipment entrepreneurs, founding underground equipment manufacturer Industrea and eventually selling the business to GE for $470 million.
GE has now onsold the business for a reported $100 million to Cougar, and is now known as Cougar Industrea Mining Equipment.
The Cougar Industrea range includes Minecruiser, Minegrader, Flitmate, Minedozer, shearer transporter, longwall chock carriers, and in seam drill rigs.
Picture: Craig International Ballistics
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