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JOY TECHNOLOGIES ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING

 JOY TECHNOLOGIES ANNOUNCES CLOSING OF INITIAL PUBLIC OFFERING
 PITTSBURGH, Nov. 22 /PRNewswire/ -- Joy Technologies Inc. announced today the closing of the initial public offering of 9 million shares of its Class A Common Stock. The company received net proceeds of $143,820,000.
 Joy also announced that it has mailed notice to the holders of its Exchangeable Redeemable Preferred Stock and Junior Preferred Stock calling those issues for redemption in full. The Exchangeable Redeemable Preferred Stock will be redeemed on Dec. 23, 1991, at $20.20 per share (including accrued and unpaid dividends). The Junior Preferred Stock will be redeemed on Jan. 2, 1992, for 1.58823 shares of Joy Common Stock per share of Junior Preferred Stock (plus accrued and unpaid dividends at the annual rate of $2.50 per share). Payments made in the redemptions will be from proceeds of the initial public offering.
 Joy is the world's leading manufacturer and servicer of mining equipment for the underground extraction of coal, and is a major North American supplier of air pollution control and ash handling equipment. In 1987, Joy consummated a leveraged buyout sponsored by Adler & Shaykin.
 /delval/
 -0- 11/22/91
 /CONTACT: James Q. Grimshaw of Joy Technologies, 412-562-4500/ CO: Joy Technologies Inc. ST: Pennsylvania IN: MNG SU: OFR


CD -- PG012 -- 6474 11/22/91 15:23 EST
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Publication:PR Newswire
Date:Nov 22, 1991
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