first_imgJoy Global a worldwide leader in high productivity mining solutions, has purchased approximately 136.5 million shares of International Mining Machinery Holdings (IMM). These shares were purchased on the open market and represent 10.5% of the total shares outstanding. The purchase of these shares is in addition to Joy Global’s announcement on July 14 that it had agreed to purchase from TJCC Holdings 534.8 million shares of IMM, representing 41.1% of IMM shares outstanding.The purchase of shares from TJCC is subject to approval from the Anti-monopoly Bureau of the Ministry of Commerce (MOFCOM) of China and the satisfaction of other customary closing conditions.IMM is a leading designer and manufacturer of underground longwall coal mining equipment in China. It has strong domestic market positions in roadheaders and longwall shearing machines, and is growing the share of its armored-face conveyor and electric control systems businesses. In addition to original equipment, IMM provides aftermarket parts and services through a broad network of service and warehouse locations.Joy Global is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through P&H Mining Equipment and underground mining through Joy Mining Machinery.last_img read more