Vectren Sells Coal-Mining Subsidiary
EVANSVILLE, Ind. (AP) — One of Indiana's largest natural-gas utilities is selling its coal-mining subsidiary to a southern Indiana-based coal-mining company, putting more than 800 coal miners' jobs at risk.
Evansville-based Vectren Corp. officials announced Tuesday that they're selling Vectren Fuels to Sunrise Coal LLC for $296 million, with capital adjustments not to exceed $325 million. The sale is expected to be finalized later this year with Sunrise Coal, a subsidiary of Hollador Energy Company.
The Evansville Courier & Press reports (http://bit.ly/VbPDLl ) that Vectren Fuels owns three coal mines in southwestern Indiana that employ nearly 850 coal miners.
Those coal-mining jobs are not guaranteed after the sale is finalized, but Vectren notes that Sunrise Coal will start the hiring process soon and that all miners currently employed will be considered for hire.