As announced on 15 June 2011, Drummond Company, Inc. and affiliates (“Drummond”) have reached an agreement with ITOCHU Corporation (“ITOCHU”) to enter into a partnership where Drummond will own 80% and ITOCHU will own 20% of a new entity, Drummond International, LLC (“Drummond International”), that will own and operate the Colombian coal mining operations and transportation infrastructure (the “Colombian Operations”) currently owned 100% by Drummond.
ITOCHU now owns 20% of the Colombia Operations through a new subsidiary, ITOCHU Coal Americas Inc. (“ICA”) which is based in Birmingham, Alabama. Drummond is pleased to welcome ICA to the Birmingham area and its executives Mr. Kazuo Inagaki, President and CEO; Mr. Kotaro Suzuki, Executive Vice President Business Development and Marketing and Mr. Takashi Hanaki, Chief Financial Officer.
ICA’s headquarters is located at 1000 Urban Center Drive, Suite 660, Birmingham, Alabama 35242.