The Letter of Intent provides for further discussions between the two companies prior to a formal contract and formation of an alliance between the companies.
Under the Letter of Intent, Joy would utilise its extensive service and support network in the four countries to represent Oldenburg Group products, parts and service for the underground and surface coal and hardrock mining industries. In Australia, the USA and other countries where Oldenburg has an established presence it is business as usual.
Among the products Joy will distribute are those under the Oldenburg Stamler, Oldenburg Cannon and Oldenburg brand names. Products under the Oldenburg Stamler brand include feeders, feeder breakers, car spotters, battery-powered haulers and continuous haulage. Products included under the Oldenburg Cannon brand include drills, roof bolters, utility lifts and trucks. Products under the Oldenburg brand include utility trucks, scalers and ANFO trucks.
"The Letter of Intent is an important initial step on the road to our new alliance with Oldenburg Group. We at Joy and P&H are excited about representing leading Oldenburg Group products in these established and growing mining markets," said Michael Sutherlin, president of Joy Mining Machinery.
Oldenburg Group CEO Wayne Oldenburg said, “Joy and Oldenburg share a commitment to provide customers uninterrupted use of our products at a low lifetime cost. This alliance eliminates duplicate costs and enhances the ability to provide our customers with superior products and aftermarket service at the lowest cost per ton.”