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