Joy Global Inc. Expands Stock Buyback Program to $2 Billionadmin
Joy Global Inc., a worldwide leader in high-productivity mining solutions, today announced that during its regularly scheduled quarterly meeting on September, 9, 2008, the Company’s Board of Directors authorized an increase and extension of its share repurchase program. The Board’s action increases the authorization from $1 billion to $2 billion and extends the expiration for completing share repurchases from the end of calendar 2008 to the end of calendar 2011. The Company expects to complete the repurchase of shares under the first $1 billion authorization before the end of calendar 2008. The Company may repurchase shares in the open market or through privately negotiated transactions in accordance with applicable rules and regulations of the Securities and Exchange Commission.
“I am pleased with the action taken by our Board of Directors,” commented Mike Sutherlin, president and CEO of Joy Global Inc. “Our business outlook remains very strong and we continue to generate significant free cash flow even as we grow our business. This action demonstrates our confidence in the long-term prospects of Joy Global and underscores our commitment of returning excess cash to shareholders.”
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.