Emeco looks to grow 'non-coal' business

Mining equipment provider Emeco Holdings is looking to reduce its reliance on coal mining by adding to its customer base in other minerals, a plan chief executive Ian Testrow says will set it up for growth.

But the market punished the company on Tuesday for electing to use surplus cash to upgrade its rental fleet instead of paying a dividend or reducing debt, causing its shares to plummet 24.2 per cent to $2.13.