Joy Global Inc. Announces Acquisition of Controlling Interest in China-Based International Mining Machinery Holdings Limited

Joy Global Inc.

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. The transaction, which was announced in July, involved the purchase of 534.8 million shares of IMM at a price of HKD8.50 per share, or approximately $584 million at current exchange rates, from TJCC Holdings Limited. As a result of prior open-market purchases of IMM shares, Joy Global now owns approximately 69.2% of IMM's outstanding common stock.