By AP/KWMU
St. Louis, MO – Peabody Energy has purchased the remaining 18 percent of Black Beauty Coal Company for about $90 million and other considerations.
St. Louis-based Peabody first purchased 33 percent of Black Beauty in 1994 and had gradually increased its share in the
company.
Black Beauty's seven mines in Indiana and three in Illinois sold more than 24 million tons of high-sulfer steam coal last year, most of it through contracts with electricity generators.
Key management and staff will remain at Black Beauty's office in Evansville, Indiana.
Peabody is the world's largest private-sector coal company, with 2002 revenues of $2.7 billion.