The company announced the creation of the business unit at Minexpo in Las Vegas.

At the core of the mining unit will be Fairchild International, which GE acquired recently, and Industrea, which it is in the process of buying.

Fairchild manufactures underground mining equipment, while Industrea provides safety and productivity-enhancing mining equipment and services.

There has been speculation, however, that GE could add to that by buying Joy Global. Bloomberg quotes William Blair & Co analyst Larry De Maria as saying Joy looks “increasingly likely” to be a GE takeover target.

Another company Bloomberg speculates may be in GE Mining’s cross-hairs is the Glasgow-based fluid handling specialist Weir Group.

A GE takeover of Joy would not be such a shock, given Caterpillar’s move last year to gobble up Bucyrus.

It also would give GE Mining some surface equipment. While the Joy brand is strongly linked to underground coal mining, it also has the P&H Mining business within its fold. That business makes shovels and dragline,s and recently added heavy-duty wheel loaders thanks to its purchase of LeTourneau.

In some ways, the timing of the move seems odd.

The major miners are cutting staff and projects, particularly in Australia.

GE Mining chief executive officer Geoff Knox sees things differently.

“The continuing urbanisation and growth in energy demand in the emerging economies bodes well for the long-term future of the global mining industry,” Knox said.

“With mine operators rebalancing their investments to get more out of their existing assets, GE’s global mining business is well positioned to add value.

“We can help them maximise output through more efficient movement of their products, generate and distribute power more efficiently, and address their water management challenges.”