Joy Global Makes Offer for Remaining Shares of China-Based Mining Company

Joy Global announces it has made a tender offer for the remaining shares of International Mining Machinery Holdings, based in China.

Joy Global Inc. (Joy Global), a worldwide leader in high productivity mining solutions, announces the commencement of a tender offer for the remaining outstanding shares of International Mining Machinery Holdings Ltd. (IMM), a leading designer and manufacturer of underground mining equipment in China.

On December 29, 2011, Joy Global acquired approximately 41.1% of the outstanding common stock of IMM at a price of HKD8.50 per share. Combined with shares it previously owned, the transaction resulted in Joy Global's ownership of approximately 69.2% of IMM's shares. Joy Global, through its wholly owned Hong Kong subsidiary, Joy Global Asia Limited, is offering to purchase the remaining outstanding shares of IMM common stock for HKD8.50 per share and to purchase all outstanding options to purchase IMM common stock for the amount by which HKD8.50 exceeds the exercise price of each option. The tender offer will expire at 4:00 p.m. Hong Kong time on February 3, 2012.

The tender offer is required by Rule 26.1 of the Hong Kong Takeovers Code as a result of Joy Global's acquisition of greater than 30% of IMM's outstanding common stock. The tender offer will be subject to the terms and conditions set out in the offer document, which has been approved by the Hong Kong Securities Futures Commission.