Joy Global acquires assets of Mining Technologies International

Special to The Freeman

April 11, 2014

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.”