The name is taken from Harnischfeger subsidiary Joy Mining Machinery, the world’s largest supplier of underground coal mining equipment, which it acquired late in 1994.
The chairman, president and chief executive of Joy Global, ex-Caterpillar executive John Nils Hanson, said the group had emerged from bankruptcy court protection as “a financially and operationally healthy company”
“With our reorganisation complete, we are focused on the mining markets and on utilising our managerial strengths to build the long-term value of Joy Global for the benefit of all our stakeholders — shareholders, customers, suppliers, lenders and employees,” Nils Hanson said.
“We are committed to reinforcing our strengths to be the supplier of choice for our customers. At both our P&H Mining Equipment and Joy Mining Machinery divisions, we will leverage our superior product lines, strong customer relationships and global opportunities to build greater value.”
Wisconsin-headquartered Joy Global said in a statement its amended plan of reorganisation was accepted by the US Bankruptcy Court on May 18 this year. Under the plan, new company stock and senior notes, as well as some cash, will be distributed to creditors by the end of this month. Joy Global shares have commenced trading on a “when issued” basis, but will officially begin “regular trading” on the Nasdaq market after the final distribution of shares.
Nils Hanson said the company had finalised a $US350 million senior secured credit facility with Bankers Trust Company and Deutsche Banc Alex. Brown to finance its global operations. He remains the only ex-Harnischfeger director on the new company’s board, which features six independent directors selected by creditors via a formal committee.
The new board consists of Nils Hanson, Century Business Services Inc chief executive Steven Gerard, Geneva Steel Company president and chief executive Ken Johnson, Wisconsin Energy Corp senior vice president James Klauser, chairman of the executive committee of Furniture Brands International, Richard Lloynd, Houlihan Lokey Howard & Zukin managing director P. Eric Siegert, and Thermadyne Holdings Corp senior vice president and chief financial officer James Tate.
“We expect to benefit greatly from the breadth and scope of our new directors’ experiences as we proceed to executive our business strategy,” Nils Hanson said.
He said the company would continue to strongly push its main brands, P&H Mining Equipment (surface mining shovels, blasthole drills and draglines) and Joy Mining Machinery (underground coal mining equipment).
“The adoption of the Joy Global name is designed to facilitate the re-establishment of our relationship with the investment community and to do so in the simplest and most cost effective way possible,” Nils Hanson said.
“As we move ahead, we are very well positioned to capitalise on the renewed interest in coal mining, and are flexible enough to adjust to developments in all of our markets.
“We continue to strengthen our product lines, customer services and manufacturing capabilities to provide the best value for our customers worldwide.”
