Joy 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.