Joy Global Inc., a worldwide leader in high-productivity mining solutions, announces that it closed on its purchase of certain assets of Mining Technologies International Inc. (MTI) on May 30, 2014 for $51.0 million Canadian dollars, subject to a working capital adjustment. MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets and a world leading supplier of raise bore drilling consumables. The Company has acquired substantially all of the assets associated with MTI's hard rock drilling, loaders, dump trucks, shaft sinking, and raise bore product lines.
"We are pleased that the acquisition of MTI has successfully closed in the third quarter of 2014 as planned. This acquisition furthers our strategy to expand our underground mining product lines into the hard rock markets including nickel, potash, palladium, platinum, gold and copper," comments Ted Doheny, President and Chief Executive Officer of Joy Global.