Joy Global Inc. Announces Completion of Wuxi Shengda Acquisition
Joy Global Inc., a worldwide leader in high-productivity mining solutions, 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.
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.