Joy To Acquire Canadian Hard Rock Mining Specialist
In an apparent bid to broaden its scope in underground hard rock mining, Milwaukee-based Joy Global Inc. announced that it has entered into a definitive agreement to purchase certain assets of
MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a global supplier of raise bore drilling consumables. Joy 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 including nickel, potash, palladium, platinum, gold and copper," commented
MTI's fiscal 2013 revenues associated with these product lines were approximately