Global’s acquisition of Chinese firm under investigation
Special to The Freeman
Nov. 7, 2014
MILWAUKEE — Joy Global announced this week that it
is being investigated by the U.S. Securities and Exchange
Commission for its acquisition of International Mining Machinery
Holdings Ltd. in 2012.
According to a news release Thursday, the Milwaukee-based maker
of high-productivity mining solutions said it received a
subpoena seeking information concerning its acquisition of the
Chinese mining machinery maker and related accounting matters.
“The company is cooperating with the SEC regarding this ongoing
investigation. While it is not possible to predict the timing or
outcome of the SEC inquiry, we currently believe that this
matter will not have a material adverse effect on the company’s
consolidated results of operation, financial position or
liquidity,” according to the release.