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Slide #25. Joy Global Inc. — Certain Assets of Mining Technologies International, Inc.
Joy Global Inc. (JOY)
Certain Assets of Mining Technologies International, Inc.
Joy Global Inc. (NYSE:JOY), a worldwide leader in high-productivity mining solutions, today announced that it entered into a definitive agreement to purchase certain assets of Mining Technologies International, Inc. ("MTI") for $51.0 million Canadian dollars. MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a world 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.
Joy Global is a manufacturer and servicer of mining equipment for the extraction of metals and minerals. Co. manufactures and markets original equipment and parts and services for both underground and surface mining and certain industrial applications. Co.'s equipment is used in mining regions to mine coal, copper, iron ore, oil sands, gold, and other minerals. Co. has two business segments: Underground Mining Machinery, a producer of underground mining machinery for the extraction of coal and other bedded materials; and Surface Mining Equipment, a producer of electric mining shovels, blasthole drills, walking draglines and wheel loaders for open-pit mining operations.
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Hold (2.17 out of 4)
(ranked higher than approx. 100% of all stocks covered)
Based on Zacks ABR data;
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