Joy Global announced it will purchase “certain assets” of Mining Technologies International, Inc. (MTI) for C$51 million. MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a leading supplier of raise boring 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.
“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,” saidTed Doheny, president and CEO, Joy Global. “We believe that MTI’s broad range of complementary products, combined with Joy's proprietary technology, our global direct service team and operational excellence capabilities, will provide significant value to hard rock mining customers.” Completion of the transaction is subject to customary closing conditions and is expected to occur within 90 days.