Joy Global Inc. (NASDAQ:JOYG), a worldwide leader in
high-productivity mining solutions, today announced that its
wholly-owned China Mining Machinery subsidiary has completed the
acquisition of 100% of the outstanding shares of Wuxi Shengda, a Chinese
manufacturer of longwall shearing machines, for $22.0 million excluding
closing costs. Wuxi Shengda provides the Company with a foothold in the
China market for domestic equipment to better serve that country’s local
and regional mining industry.
About Joy Global Inc.
Joy Global Inc. is a worldwide leader in manufacturing, distributing and
servicing equipment for surface mining, through its P&H Mining Equipment
division; underground mining, through its Joy Mining Machinery division;
and bulk material conveyor systems, through its Continental Crushing &
Conveying division.
Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Terms
such as “anticipate,” “believe,” “estimate,” “expect,” “indicate,” “may
be,” “objective,” “plan,” “predict,” “will,” “will be,” and the like are
intended to identify forward-looking statements. The forward-looking
statements in this press release are based on our current expectations
and are made only as of the date of this press release. We undertake no
obligation to update forward-looking statements to reflect new
information. We cannot assure you the projected results or events will
be achieved. Because forward-looking statements involve risks and
uncertainties, they are subject to change at any time. Such risks and
uncertainties, many of which are beyond our control, include, but are
not limited to: (i) risks of international operations, (ii) risks
associated with acquisitions, (iii) risks associated with indebtedness,
(iv) risks associated with the cyclical nature of our business, (v)
risks associated with the international and U.S. coal and copper
commodity markets, (vi) risks associated with access to major purchased
items, such as steel, castings, forgings and bearings, (vii) risks
associated with labor markets and other risks, uncertainties and
cautionary factors set forth in our public filings with the Securities
and Exchange Commission.
JOYG-G
Joy Global Inc.
Sara Leuchter Wilkins
Vice President,
Investor Relations and Corporate Communications
414-319-8513
