June 9, 2015 – Joy Global has completed its $110 million Euro ($152.5 million CDN) purchase of Montabert from Doosan.
The announcement came as part of Joy Global’s second quarter financial results, which saw the company post double-digit decreases in both bookings and net sales versus the same quarter in 2014.
“Despite tough markets, we remain committed to taking prudent actions to improve our business during this cyclical downturn and bolster our strategic position to be a first tier supplier to the underground hard rock mining market,” said Ted Doheny, President and CEO of Joy Global.
“In this regard, we are pleased to announce our acquisition of Montabert S.A.S. (Montabert) from Doosan Holding France S.A.S. Montabert specializes in the design, production and distribution of high quality hydraulic rock breakers, pneumatic equipment, drilling attachments, drifters and related parts and tools. This acquisition represents an important step in expanding product and service capabilities for hard rock mining, tunneling and rock excavation, further diversifying the company’s commodity and end market exposures. The Montabert product line will complement our existing fleet of hard rock equipment and leverages our global service center infrastructure providing long-term value to our shareholders.”
The Company closed on its purchase of Montabert on June 1, 2015. Net sales for the last twelve months ended March 31, 2015 for Montabert were approximately $100 million. This acquisition was partially funded through funds borrowed under our Revolving Credit Agreement, with the remainder funded from cash on hand.
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