SALE OF DAMPER AND CONDENSER BUSINESSES ANNOUNCED BY JOY TECHNOLOGIES INC.
PITTSBURGH, March 1 /PRNewswire/ -- Joy Technologies Inc. (NYSE: JOY) today announced the sale of its condenser and damper businesses on February 26, 1993, to GEC ALSTHOM for approximately $14.5 million. "This sale is part of Joy's overall strategy to focus its resources on the restructuring and expansion of its core businesses along with the reduction of debt," stated Marc F. Wray, Chairman and Chief Executive Officer of Joy Technologies Inc. "A portion of the proceeds from the sale will be used to prepay bank debt and the remainder will be available for reinvestment." GEC ALSTHOM, a Europe-based company, is a world leader in the energy and rail transport sectors. Joy Technologies Inc. is a leader in the worldwide manufacturing and servicing of mining equipment for the underground extraction of coal and other bedded materials. The company is also a large supplier of air pollution and ash-handling equipment for use by utilities and other industrial operations. -0- 3/1/93 /CONTACT: John F. Moynahan, Vice President of Joy Technologies, 412-562-4540/ (JOY)
CO: Joy Technologies Inc. ST: Pennsylvania IN: MNG SU:
EF-CD -- PG005 -- 1200 03/01/93 08:10 EST
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|Date:||Mar 1, 1993|
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