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.