April 21, 2014, Milwaukee, Wis. – Joy Global Inc. announced
its purchase of Mining Technologies International, Inc. ("MTI") for
$51.0 million Canadian dollars.
April 21, 2014, Milwaukee, Wis. – Joy Global Inc. announced
its purchase of Mining Technologies International, Inc. ("MTI") for
$51.0 million Canadian dollars.
Sudbury, Ont.-based MTI is a manufacturer of underground
hard rock mining equipment serving the North American markets and a leading
supplier of raise bore drilling consumables. The Company is acquiring
substantially all of the assets associated with MTI's hard rock drilling,
loaders, dump trucks, shaft sinking, and raise bore product lines.
MTI's fiscal 2013 revenues associated with these product
lines were approximately $90 million U.S. dollars. Excluding the impact of transaction
costs and excess purchase accounting charges, the Company expects the
transaction to be accretive to earnings in 2015. Completion of the transaction
is subject to customary closing conditions and is expected to occur within 90
days.
"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," commented Ted Doheny, President and Chief Executive
Officer. "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," continued Doheny.
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