Joy Global increases stake in Chinese firm

Milwaukee-based Joy Global Inc. announced it has purchased approximately 136.5 million shares of International Mining Machinery Holdings Ltd. (IMM).
The shares were purchased on the open market. The purchase of the shares is in addition to Joy Global’s announcement on July 14 that it had agreed to purchase from TJCC Holdings Limited 534.8 million shares of IMM, representing 41.1 percent of IMM shares outstanding. The purchase of shares from TJCC is subject to approval from the Anti-monopoly Bureau of the Ministry of Commerce (MOFCOM) of the People’s Republic of China and the satisfaction of other customary closing conditions.
IMM is a leading designer and manufacturer of underground longwall coal mining equipment in China. It has strong domestic market positions in roadheaders and longwall shearing machines, and is growing the share of its armored-face conveyor and electric control systems businesses. In addition to original equipment, IMM provides aftermarket parts and services through a broad network of service and warehouse locations.