Joy Global Inc. announced its acquisition of Mining Technologies International (MTI) for $51 million. MTI manufactures underground mining equipment for North American markets.
MTI is “a world leading supplier of raise bore drilling consumables,” Joy Global said in its news release. “The company is acquiring substantially all of the assets associated with MTI's hard rock drilling, loaders, dump trucks, shaft sinking, and raise bore product lines.”
MTI's revenues associated with those product lines was about $90 million U.S. in 2013. The deal should be complete with 90 days, Joy Global said.
“This acquisition represents an exciting opportunity as we execute on our growth strategy to expand our underground mining product lines into the hard rock markets including nickel, potash, palladium, platinum, gold and copper,” said Ted Doheny, Joy Global's president and CEO, in a statement.
“We believe that MTI's broad range of complementary products, combined with Joy's proprietary technology, our global direct service team and operational excellence capabilities, will provide significant value to hard rock mining customers and our shareholders."
Owned by Lipic family, MTI was Canada's largest privately owned mining equipment manufacturer. President and CEO Robert Lipic has been in mining for almost 50 years. The company is a two-time past winner of the Northern Ontario Business Awards.