Joy Ups Its Stake In IMM
Joy Global Inc. announced that it has purchased an additional 10.5% of the total outstanding shares of China’s International Mining Machinery Holdings Ltd. (IMM). The approximately 136.5 million shares were purchased on the open market at a price of HKD 8 per share (about $1.03).
This latest move is in addition to Joy Global’s mid-July announcement of the purchase of 534.8 million shares of IMM from from TJCC Holdings Limited, which represented 41.1% of IMM shares outstanding. The earlier purchase is still being reviewed by the Anti-monopoly Bureau of the Ministry of Commerce (MOFCOM) of the People’s Republic of China.
IMM is a designer and manufacturer of underground longwall coal mining equipment in China. It has significant domestic market positions in roadheaders and longwall shearing machines and is growing 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.