JOY GLOBAL INC.
At the Company:
Donald C. Roof
Executive Vice President and
Chief Financial Officer and Treasurer
At FRB | Weber Shandwick:
Milwaukee, WI – May 31, 2005 – Joy Global Inc. (Nasdaq:JOYG), today announced that its board of directors has authorized the company to repurchase up to $300 million in shares of its common stock. Under the program, management is authorized to repurchase shares as the opportunity arises in the open market or through privately negotiated transactions over the next 24-month period.
Joy Global Chief Executive Officer John Hanson commented, “As we have done with prior dividend increases, we continue to demonstrate our commitment to returning cash to shareholders and enhancing shareholder value. We are confident with regard to our outlook for Joy Global, as is our board, and we believe this action represents a beneficial use of our cash as we move through this strong cycle in our business.”
About the Company
Joy Global Inc. is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through P&H Mining Equipment and underground mining through Joy Mining Machinery.
Forward Looking Statements
This communication contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that relate to prospective events or developments are deemed to be forward-looking statements. Words such as “believes,” “anticipates,” “plans,” “expects,” “will” and similar words are intended to identify forward-looking statements. These forward-looking statements, which may include, but are not limited to, statements concerning the financial condition, results of operations and businesses of the Company, are based on management’s current expectations and estimates and involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Factors that could cause or contribute to such differences may include, but are not limited to, the risk that conditions to the notes offering, including financing, market conditions, and obtaining the requisite consents, might not be satisfied in a timely manner or at all, unanticipated expenditures, conditions of the economy and other factors described in our most recent reports on Form 10-Q, as amended, most recent reports on Form 10-K, as amended, and other periodic reports filed by the Company with the SEC.