CONSOL Energy Inc. (NYSE: CNX), Canonsburg, PA, has sold its industrial supply division Fairmont Supply Co., the company announced in its fourth-quarter earnings report.
In the report the company said it "received $270 million in cash proceeds from the sale of assets and return on equity investments, including $252 million in cash proceeds from the sale of: an industrial supply subsidiary, coal reserves in the Illinois Basin to two strategic buyers, surface properties in Illinois, and a 50 percent working interest in 3,433 gross Utica Shale acres in the Moundsville, West Virginia area to our joint venture partner, Noble Energy."
CONSOL didn't say how much of that $252 million it received specifically for the Fairmont sale or who bought the subsidiary, but the Pittsburgh Business Times reported the buyer was New York private equity fund Tenex Capital Management.
