Under the transaction Joy Global will pay $118 million in cash and assume $22 million in liabilities.

The Stamler division manufactures underground and surface coal mining equipment, including feeder breakers, battery haulers, continuous haulage systems and crushers and sizers. Revenues in 2006 are expected to be about $150 million, according to the Business Journal of Milwaukee.

The transaction includes Stamler factories in Kentucky, Australia and South Africa. Oldenburg will continue manufacturing battery haulers and continuous haulage systems for Joy Global under the agreement.

“The combination of Stamler and Joy brings together leading brands that will provide customers with a line of complementary products for a wider range of mining applications,” said Joy Mining Machinery president Michael Sutherlin.

“We are excited about offering a more integrated suite of products to our customers, capable of improving operating efficiencies and lowering costs from the working face to the mine belt.”

Oldenburg will continue producing equipment for metals and minerals mining, military defence, timber harvesting and commercial lighting.