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Joy will purchase Continental from parent NES Group, as part of its strategy to buy companies with related and highly synergistic product lines, Joy Global CEO Mike Sutherlin said.
The conveyor systems fit closely with both Joy Global surface business P&H MinePro and underground business Joy Mining Machinery.
The acquisition also positions Joy to service customers expanding through greenfield projects.
Continental designs, manufactures, installs and services conveyor solutions for customers on six continents and has manufacturing facilities in the United States, United Kingdom, South Africa and Australia.
Continental’s 2007 sales of conveyor equipment are anticipated to be about $340 million.
The deal is expected to be completed during the first calendar quarter of 2008.
