|JOY GLOBAL INC.||News Release|
|At the Company:||At FRB | Weber Shandwick:|
|Donald C. Roof||Georganne Palffy|
|Executive Vice President and||Analyst Contact|
|Chief Financial Officer and Treasurer||312-640-6768|
Milwaukee, WI – September 28, 2005 – Joy Global Inc. (Nasdaq: JOYG) today announced the conclusion of the Company’s arbitration with Sokolovskaya Investment Company (“SIC”), a mining company in Russia. The dispute arose out of a pre-existing commitment of Longwall Roof Supports Limited, which the company acquired in 1995. The award of the ICC International Court of Arbitration panel, which includes damages and the partial reimbursement of SIC’s costs and legal fees, will result in a charge against earnings of less than $0.04 per diluted share in the Company’s fourth quarter.
“While we are disappointed that we did not completely prevail in this arbitration,” said John Hanson, Chairman, President and CEO of Joy Global Inc., “We are pleased that the panel accepted many of our major arguments including those regarding the extent of damages.”
Joy Global Inc. is a worldwide leader in manufacturing, servicing and distributing equipment for surface mining through its P&H Mining Equipment division and underground mining through its Joy Mining Machinery division.