Mining equipment maker Joy Global Inc (JOYG.O) is in talks to purchase China's International Mining Machinery Holdings Ltd. a maker of coal-mining equipment, according to a Bloomberg report. A deal could be announced this week, according to Bloomberg, which cited a person with knowledge of the matter. International Mining, controlled by private equity firm The Jordan Company LP, has a market value of about $1.09 billion. Neither Joy Global nor International Mining could be reached for comment. In May, Joy Global said it would buy Rowan Cos Inc's (RDC.N) drilling and mining gear unit for $1.1 billion in cash as it looks to offset competition in its main market by entering the oil and gas drilling business. Joy Global's expansion into a new market follows Caterpillar's (CAT.N) $7.6 billion purchase of main rival Bucyrus BUCY.O -- a deal that leaves Joy Global as the last stand-alone U.S.-based maker of mining equipment.
Joy Global Inc. is a manufacturer and servicer of mining equipment for the extraction of coal and other minerals, and ores. Shares of JOYG traded higher by 1.49% or $1.3999/share to $95.18. In the past year, the shares have traded as low as $53.13 and as high as $103.44. On average, 1831590 shares of JOYG exchange hands on a given day and today's volume is recorded at 1550015.
Rowan Companies, Inc. (Rowan) is a provider of international and domestic contract drilling services. Shares of RDC traded higher by 2.17% or $0.79/share to $37.14. In the past year, the shares have traded as low as $20.44 and as high as $44.83. On average, 2124200 shares of RDC exchange hands on a given day and today's volume is recorded at 1568840.
Caterpillar Inc. (Caterpillar) is engaged in the manufacturing of construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Shares of CAT traded higher by 2.37% or $2.5299/share to $109.46. In the past year, the shares have traded as low as $63.34 and as high as $116.55. On average, 8022040 shares of CAT exchange hands on a given day and today's volume is recorded at 4237656.
