Joy Global Inc. Mining News

Komatsu Mining dishes about the SDX-2200

Komatsu Mining Engineering Manager said this equipment is superior to cartridge-type or conventional labyrinth seals used in many heavy-duty idlers

Joy Global misses expectations on weak mining equipment sales

The heavy machinery maker expects market conditions to remain weak through 2017.

Joy Global surprises with quarterly profit, shares jump

The results, which surpassed Wall Street expectations, come on the back of a modest increase in service sales and aggressive cost cuts.

Joy Global posts bigger-than-expected loss as sales drop 25%

Shares in the equipment and services provided soared almost 16% in early trading in New York.

Joy Global swings to loss, cuts dividend

The mining equipment maker said business conditions continue to be tough mostly due to a slower-than-expected recovery in the global economy and weak commodity prices.

Joy Global beats forecasts, but sees 2015 as another challenging year

The Milwaukee-based equipment maker warns weak commodity prices and falling industry investment in new machinery will live on.

SEC probes Joy Global over acquisition of Chinese firm

The SEC is looking into Joy's acquisition of International Mining Machinery Holdings Ltd of China for about $1 billion and related accounting matters.

Joy Global profit drops as sales continue to fall

Fiscal third-quarter profit dropped 61% to $71.3 million, or 71 cents a share, down from $183.2 million, or $1.71 a share, a year earlier.

Joy Global shares jump on takeover rumours

About 6.2 million shares changed hands by 10:45 a.m. Wednesday, significantly more than the daily average of 1.3 million shares a day.

Joy Global profit drops on weak mining equipment demand

The firmj's bookings, an indication of future sales, fell by 7.2% to $1.05 billion from $1.13 billion in the same period of 2013.

Joy Global earning sinks again, claims demand for mining equipment care coming back

The firm blamed mainly coal miners’ ongoing struggles with oversupply and spending for the gloomy results.

Joy Global explains underground coal mining

This video by mining equipment manufacturer Job Global, more educational than promotional, gives an excellent overview of longwall, versus room and pillar underground coal mining.

Joy and Fletcher sign agreement

Joy Mining Machinery and JH Fletcher have announced the signing of an exclusive distribution and authorised service provider agreement.

Joy Global Inc. announces tender offer for remaining shares of China-based International Mining Machinery Holdings Ltd.

Joy Global Inc. (NYSE:JOY) ("Joy Global") a worldwide leader in high productivity mining solutions today announced the commencement of a tender offer for the remaining outstanding shares of International Mining Machinery Holdings Ltd. (HKSE:1683) ("IMM"), a leading designer and manufacturer of underground mining equipment in China.

Joy Global Inc. announces acquisition of controlling interest in China-based International Mining Machinery Holdings Limited

MILWAUKEE--(BUSINESS WIRE)-- Joy Global Inc. (NYSE:JOY) ("Joy Global") a worldwide leader in high productivity mining solutions today announced that it completed the acquisition of approximately 41.1% of the outstanding common stock of International Mining Machinery Holdings Limited (HKSE:1683) ("IMM"), a leading designer and manufacturer of underground mining equipment in China.

Joy Global elects news director

Joy Global Inc. (NYSE: JOY), a worldwide leader in high-productivity mining solutions, announced today that John T. Gremp, Chairman, Chief Executive Officer and President of FMC Technologies, Inc. (NYSE:FTI), has been elected to its board of directors.

Bloomberg: Joy Global in talks To acquire China's International Mining Machinery

Mining equipment maker Joy Global, Inc. (JOYG: News ) is close to acquiring Chinese coal-mining equipment maker International Mining Machinery Ltd. (ICMHF.PK), according to Bloomberg on Wednesday.

Joy Global bookings up 46% in Q2

Joy Global Inc. had a successful second quarter. The mining equipment manufacturer reported net income of $162 million for the second quarter of 2011, or $1.52 per share, compared to $120 million, or $1.15 per share, for the same period last year. Second quarter bookings were up 46% to $1.5 billion, while net sales jumped 19%. "We had another outstanding quarter, reaching record levels of performance in order bookings, shipments, operating profit margins and earnings per share,” said Mike Sutherlin, President and Chief Executive Officer. Sutherlin pointed to Joy Global's recent $1 billion acquisition of LeTourneau Technologies as an important complement to its rope shovel capability, by expanding into the wheel loader and drilling products markets. Image by Joy Global Inc.

Joy Global Inc. announces the acquisition of LeTourneau Technologies

Joy Global Inc. (NASDAQ:JOYG), a worldwide leader in high-productivity mining solutions, today announced that it has entered into a definitive agreement to acquire a 100 percent ownership interest in LeTourneau Technologies Inc. (“LeTourneau”) from Rowan Companies, Inc. (“Rowan”) (NYSE: RDC) for $1.1 billion in cash. LeTourneau designs, builds and supports equipment for the mining and oil and gas drilling industries, and has been a leader in the earthmoving equipment industry since the 1920s. The transaction has been approved by both companies’ boards of directors. Completion of the transaction is subject to the receipt of necessary regulatory approvals and other customary closing conditions and is expected to occur within 60 days.

Joy Global profits jump 34%

Joy Global Inc.'s fiscal first-quarter earnings rose 34%, but the mining-equipment company's sales and profit were lower than expected, partly because of flooding in Australia that disrupted mine operations. According to a report in The Wall Street Journal, Chief Executive Mike Sutherlin said a 20-25% increase in steel prices will be offset by higher equipment prices. "We're looking at higher input prices," Mr. Sutherlin said during a conference call Wednesday with analysts. "I don't think it's a significant, unmanageable risk though." The Milwaukee -based company's profits and orders for new equipment and service have been improving in recent quarters on rising prices for mined commodities, such as coal, iron ore and copper.