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Joy Global increases shares in Chinese company

MILWAUKEE - One of the two large Milwaukee companies that make mining equipment has agreed to buy a larger share of a company in China.

Joy Global said today it's buying another 136-million shares of International Mining Machinery holdings at eight-dollars a share. That represents 10-and-a-half percent of the total stock that's outstanding.

Recently, Joy Global said it would purchase almost 535-million shares of International Mining stock for eight-and-a-half dollars a share. Both purchases must still be approved by China's government. International Mining makes equipment for the coal-mining industry.