Joy Global chief John Hanson said the move reflected the company’s continued strong financial performance and cash flow.

The company’s board authorised the split of the company's common shares which comes into effect on December 12. When the stock split is completed, the company will have more than 120 million shares outstanding.

Hanson said the dividend payable to shareholders had been increased 50% on each of four different occasions over the past two years.

Each shareholder will receive one share of Joy Global common stock for each two shares of such stock owned. New shares will begin trading on the Nasdaq National Market on December 13.

Joy Global’s subsidiaries include P&H Mining Equipment and Joy Mining Machinery.