Alpha Natural Resources completes merger
- July 31, 2009
Abingdon-based Alpha Natural Resources announced it has completed its merger with Foundation Coal Holdings, forming the third-largest coal producer in the U.S.
Stockholders from both companies approved the terms of the mergers on Friday. Under the agreement, Foundation shareholders will receive 1.0840 shares of the new company for each share they held with Foundation. Each share of Alpha will become one share of the combined company.
The merged companies will retain the Alpha Natural Resources name. Together, the company owns more than 60 coal mines and 14 preparation plants.
Kevin Crutchfield becomes the CEO of the company and Michael Quillen, the past chairman and CEO of Alpha, becomes executive chairman. Kurt Kost, previous president and COO of Foundation, will become the company’s president.