Joy Global Inc. Announces Purchase of Additional Shares of China-Based International Mining Machinery Holdings Ltd.
Joy Global Inc. (NASDAQ:JOYG) ("Joy Global") a worldwide leader
in high productivity mining solutions, today announced that it has
purchased approximately 136.5 million shares of International Mining
Machinery Holdings Ltd. ("IMM"). These shares were purchased on the open
market at a price of HKD 8.00 per share and represent 10.5% of the total
The purchase of these shares is in addition to Joy Global's announcement
on July 14, 2011 that it had agreed to purchase from TJCC Holdings
Limited ("TJCC") 534.8 million shares of IMM, representing 41.1% of IMM
shares outstanding. The purchase of shares from TJCC is subject to
approval from the Anti-monopoly Bureau of the Ministry of Commerce
("MOFCOM") of the People's Republic of China and the satisfaction of
other customary closing conditions.
IMM is a leading designer and manufacturer of underground longwall coal
mining equipment in China. It has strong domestic market positions in
roadheaders and longwall shearing machines, and is growing the share of
its armored-face conveyor and electric control systems businesses. In
addition to original equipment, IMM provides aftermarket parts and
services through a broad network of service and warehouse locations.
About Joy Global
Joy Global is a worldwide leader in manufacturing, servicing and
distributing equipment for surface mining through P&H Mining Equipment
and underground mining through Joy Mining Machinery.
UBS AG and Goldman Sachs (Asia) L.L.C. are serving as financial advisors
to Joy Global on these transactions.
Allen & Overy are serving as legal advisors to Joy Global.
Joy Global Inc.
Michael S. Olsen
Chief Financial Officer and Treasurer
Source: Joy Global Inc.
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