Joy Global cleared by SEC for 2012 acquisition

Regulators had subpoenaed company documents

Joy Global
Joy Global's Milwaukee production facility at 4400 W. National Ave.

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.

Joy Global
Joy Global’s Milwaukee production facility at 4400 W. National Ave.

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.

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Arthur covers banking and finance and the economy at BizTimes while also leading special projects as an associate editor. He also spent five years covering manufacturing at BizTimes. He previously was managing editor at The Waukesha Freeman. He is a graduate of Carroll University and did graduate coursework at Marquette. A native of southeastern Wisconsin, he is also a nationally certified gymnastics judge and enjoys golf on the weekends.

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