Joy Global Inc Announces Acquisition Of Controlling Interest In International Mining Machinery Holdings Limited

Joy Global Inc. announced that it completed the acquisition of approximately 41.1% of the outstanding common stock of International Mining Machinery Holdings Limited (IMM), a designer and manufacturer of underground mining equipment in China. The transaction, which was announced in July, involved the purchase of 534.8 million shares of IMM at a price of HKD8.50 per share, or approximately $584 million at current exchange rates, from TJCC Holdings Limited. As a result of prior open-market purchases of IMM shares, Joy Global owns approximately 69.2% of IMM’s outstanding common stock.