Milwaukee-based Joy Global announced Wednesday it had been cleared by the Securities and Exchange Commission for accounting related to its 2012 acquisition of International Mining Machinery Holdings Limited.
The company received a subpoena from the SEC’s Division of Enforcement in 2014 for documents related to the acquisition and was also informed the division was conducting an investigation. The company said it provided the documents and was cooperating with the investigation.
The division informed the company Tuesday it had concluded the investigation and would not be recommending enforcement action.
Joy acquired a controlling interest in IMM, a Chinese designer and manufacturer of underground coal mining equipment, on Dec. 29, 2011. The company acquired the remainder of the IMM shares in fiscal 2012.