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Milwaukee mining equipment company rumored to make another acquistion


MILWAUKEE, Wis. (WTAQ) - There’s a report that Joy Global – one of two giant makers of mining equipment in Milwaukee – is working on another acquisition.

The Journal Sentinel says Joy Global is negotiating to buy International Mining Machinery Holdings of China. The paper said the deal could be announced before the end of the week, but neither company has commented.

International Mining is owned by a private equity firm, the Jordan Company. Based on its latest stock price, it has a market value of almost one-point-one billion dollars.

The JS said trading on International’s stock was suspended Tuesday and Wednesday.  Joy Global completed another acquisition last month, when it bought LeTourneau Technologies from the Rowan Companies for $1.1 billion.

Last Friday, Milwaukee’s other giant mining equipment maker was acquired. Caterpillar bought Bucyrus International for $8.8 billion.