May 17, 2021
  • 5:48 pm Record payout for race slur
  • 5:47 pm Get in on the Act
  • 5:46 pm Moving on up
  • 5:46 pm Call for more training to deal
  • 5:45 pm Firms must not forget ‘soft’ side of IIP

first_imgAccording to reports in Bloomberg on July 13, Joy Global is in advanced talks to buy International Mining Machinery Holdings (IMM), the leading Chinese maker of coal-mining equipment, according to two insiders “with knowledge of the matter.” The Bloomberg report predicts that a deal may be announced as soon as this week. International Mining is controlled by private-equity firm Jordan Co, and has a market value of $1.09 billion, based on its July 11 closing stock price though shares were suspended from trading on 12 and 13 July. Jordan oversees about $6 billion and owns 41% of IMM, and plans to sell this stake as part of the proposed deal. Under Hong Kong law, however, that would trigger a mandatory offer for the rest of the company. Joy has only just completed its $1.1 billion purchase of mining wheel loader manufacturer, LeTourneau Technologies from Rowan on June 22.International Mining Machinery was formed in 2006 to acquire Jixi Coal Mining Machinery and Jiamusi Coal Mining Machinery. Jixi Machinery is headquartered in Jixi, Heilongjiang Province and is the leading manufacturer of shearers in China. Jiamusi Machinery is headquartered in Jiamusi, Heilongjiang Province, China and is the leading manufacturer of roadheaders in China. Since the original acquisition of Jixi Machinery and Jiamusi Machinery, IMM has completed five further add-on acquisitions and joint ventures including the acquisition of a manufacturer of control systems for coal mining equipment, a joint venture to manufacture coal mining armored face conveyors, and three coal mining equipment repair center JVs.last_img read more