Consol Energy has sold its industrial supply subsidiary, Fairmont Supply Co., for an undisclosed amount, the Canonsburg company said in its fourth-quarter earnings statement.
Fairmont sells mining, drilling and industrial supplies and has 27 customer service centres throughout the U.S., according to Consol's most recent 10-K. Additionally, Fairmont provides supply procurement and management services.
Consol was a Fairmont customer; with its coal and natural gas divisions accounting for 37 percent of Fairmont's sales.
Consol did not identify the buyer.
Fairmont was part of what Consol's considers its "other" category of assets, some of which the company has been selling off. In its fourth quarter statement, Consol disclosed that it also sold some of its Illinois Basin coal reserves to two strategic buyers. Consol is looking to sell $1 billion worth of non-core assets by 2019.
