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Joy
Global acquires assets of Mining Technologies International |
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Special to The Freeman |
April 11, 2014
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MILWAUKEE – Joy Global Inc. announced Friday it has
entered into a definitive agreement to purchase certain
assets of Mining Technologies, Inc. for $51 million
Canadian dollars.
Milwaukee-based Joy Global is a global leader in
high-productivity mining solutions and MTI is a Canadian
manufacturer of underground hard rock mining equipment
serving the North American markets and a world supplier
of raise bore drilling consumables.
As part of the deal, Joy Global is purchasing
substantially all of the assets associated with MTI’s
hard rock drilling, loaders, dump trucks, shaft sinking
and raise bore product lines, according to the
announcement. MTI’s fiscal 2013 revenues for these
product lines were approximately $90 million U.S.
dollars, according to Joy Global.
“This acquisition represents an 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,” said Ted Doheny, president and chief
executive officer, in a statement. “We believe that
MTI’s broad range of complementary products, combined
with Joy’s proprietary technology, our global direct
service team and operational excellence capabilities,
will provide significant value to hard rock mining
customers and our shareholders.”
www.joyglobal.com |
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