Joy Global to Acquire Stamler

The price is $118 million.
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Joy Global

(JOYG)

, a mining equipment company, announced that it is acquiring net assets of Stamler business from

Oldenburg Group

for $118 million.

Stamler, which produces products like feeder breakers, battery haulers and other systems used primarily in coal mining, is expecting to generate about $150 million in revenue this year.

Milwaukee-based company said it expects to increase both the original equipment and aftermarket revenue of Stamler's product lines.

"We are pleased to have the opportunity to add the Stamler employees and their strong product offering to our business," the company said. "This acquisition is consistent with our stated philosophy of adding 'bolt-on' products and services to our existing businesses."

The acquisition is subject to regulatory approvals.

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