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Joy Global mining sells off recent acquisition


MILWAUKEE, WI (WTAQ) - Milwaukee mining equipment maker Joy Global is selling part of a business it recently acquired.

Joy Global bought LeTourneau Technologies – but it only plans to keep the mining portion of that company.

LeTourneau also makes drilling products – and Joy is selling that part of the operation to Cameron International for $375-million.

Joy says the money from the sale will help pay for another firm it recently acquired – International Mining Machinery Holdings of China.

Also today, Joy Global reported quarterly profits of $172-million, up from $119-million at the same time a year ago. Revenues jumped by 29-percent to $1.1 billion dollars – and that does not include the transactions involving LeTourneau.