Joy Global Inc., the world’s largest maker of underground mining machinery, plans to accelerate the expansion of its hard-rock equipment business through acquisitions after buying Montabert SAS.
“To accelerate our business into hard rock we need critical components to make that go faster,” Joy Chief Executive Officer Ted Doheny said on a conference call Thursday. The Milwaukee-based company is interested in acquisitions in the $100 million to $200 million range, he said.
Joy completed the acquisition of Montabert, a Saint-Priest, France-based maker of hydraulic rock breakers, for 110 million euros ($124 million) this month. Joy’s sales have fallen for the last two years as lower prices for metals and coal spur mining companies to buy fewer of its machines, such as dragline excavators and shovels.
While Joy is interested in continuing its expansion into the hard-rock service industry, Doheny said that there are no imminent acquisition plans.