Joy Global to acquire Mining Technologies International
Sudbury-based Mining Technologies International (MTI) has entered into a definitive agreement for the sale of the company to Joy Global Inc. for C$51 million.
The manufacturer of underground hard rock mining equipment and drilling consumables employs approximately 250 people, has manufacturing facilities in Sudbury and North Bay and recorded revenues of US $90 million in fi scal 2013.
“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 Joy Global president and CEO Ted Doheny. “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 signifi cant value to hard rock mining customers and our shareholders,” he added.
The sale is expected to be fi nalized by mid-July.