Closing Date Set For Vectren SalePosted: Updated:
Evansville-based Vectren Corp. (NYSE: VVC) says the sale of its coal mining subsidiary, Vectren Fuels Inc. to a Sullivan County company will close this week. The utility says the $300 million deal with Sunrise Coal LLC will result in 120 miners losing their jobs.
August 22, 2014
Evansville, Ind. -- Vectren Corporation's previously announced sale of its wholly owned subsidiary, Vectren Fuels, to Sunrise Coal, LLC, is scheduled to close on Aug. 29, 2014. Vectren Fuels, headquartered in Evansville, Ind., owns three underground mines in southwestern Indiana, including two mines in Oaktown, Ind., and one in Petersburg, Ind. Both Oaktown mines are operated by Black Panther Mining, LLC while the Petersburg mine is operated by Five Star Mining, Inc., and as such, these two firms employ the workforce at Vectren Fuels' mines.
The employment of the workforce with the contract miners will come to an end upon the sale. Vectren has been informed that while offers of employment following the sale have been extended to more than 670 members of the current workforce at the mines, approximately 120 miners have not been offered employment. However, these miners have been released from the job site effective immediately whereby they can begin the process of seeking new employment and will continue to be paid by their current employers through August.
Vectren wishes to extend its sincere appreciation to the employees of Prosperity mine and the Oaktown mines for the years of service dedicated under its ownership.
Source: Vectren Corp.