HomeSudbury News

Local mining manufacturer sold to U.S.-based company

By: Sudbury Northern Life Staff

 | Apr 13, 2014 - 5:13 PM |
Mining Technologies Int. CEO Robert Lipic is seen in this file photo. Joy Global has purchased MTI for $51M.

Mining Technologies Int. CEO Robert Lipic is seen in this file photo. Joy Global has purchased MTI for $51M.

Joy Global buys Lively-based Mining Technologies Int. for $51M

A major mining manufacturer in Greater Sudbury has been sold to a international mining company headquartered in Milwaukee, Wis.

Joy Global Inc. announced Friday it was buying Mining Technologies International for $51 million Cdn. MTI, which is based in Lively but has offices across Canada and the U.S., manufactures underground mining equipment for North American markets. It employs about 250 people.

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 the release.

“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."

Up until the sale, MTI was Canada's largest privately owned mining equipment manufacturer. Owned by the Lipic family, president and CEO Robert Lipic has been in mining for almost 50 years. MTI is a past winner of a Northern Ontario Business Award for the company’s success in the mining export industry.

The majority of MTI's revenue comes from products made at manufacturing facilities in Sudbury and North Bay.

Reader's Feedback may contain content submitted by readers, usually in the form of article comments. All reader comments and any opinions, advice, statements or other information contained in any messages posted or transmitted by any third party are the responsibility of the author of that message and not of The fact that a particular message is posted on or transmitted using this web site does not mean that has endorsed that message in any way or verified the accuracy, completeness or usefulness of any message. We encourage visitors to to report any objectionable content by using the "report abuse" link found in the comments section of this web site. Comment Guidelines

comments powered by Disqus

Most Popular

Local Business Directory