Joy Global Acquires Mining Technologies
April 11, 2014
Joy Global, Inc. announced it will acquire some the assets of Mining Technologies International. Joy Global is a mining equipment maker that focuses on high-productivity mining solutions. Mining Technologies is a Canadian manufacturer of underground hard rock mining equipment. The estimated cost for the assets Joy Global will be buying is $46.4 million.
Joy Global expects the move to add to earnings in 2015 and hopes the deal will be completed within 90 days, according to a report in the Milwaukee-Wisconsin Journal Sentinel.
The equipment Joy Global is most interested in includes hard rock drilling, loaders, dump trucks, shaft sinking and raise bore product lines. The 2013 fiscal revenue for these product lines was approximately $90 million.
Ted Doheny, Joy's president and CEO told the Journal Sentinel, "This acquisition represents and exciting opportunity as we execute on our growth strategy to expand our underground mining product lines into the hard rock markets including nickel, potash, palladium, platinum, gold and copper".
The news comes just seven months after Joy Global laid off 200 manufacturing plant workers in Milwaukee in response to a global slowdown in the mining industry.