Joy Global reported in mid-June that it had closed, through a subsidiary, on the purchase of assets of Mining Technologies International. MTI is a Canadian manufacturer of underground hard-rock mining equipment serving the North American markets and a supplier of raise-bore drilling consumables. Joy Global acquired substantially all of the assets associated with MTI's hard-rock drilling, loader, dump truck, shaft sinking, and raise-bore product lines.
"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," said Ted Doheny, president and CEO. "We believe that MTI's broad range of complementary products, combined with our proprietary technology, global direct service team, and operational excellence capabilities, will provide significant value to hard-rock mining customers and our shareholders."