Doosan confirm sale of Montabert
French-based hydraulic breaker and specialist attachment manufacturer sold to Joy Global Inc.
DOOSAN have confirmed the sale of 100% of their shares in Montabert S.A.S. (France), manufacturers of hydraulic breakers and specialist attachments, to Joy Global Inc. for €110 million.
Joy Global, who are listed on the New York stock exchange and employ approximately 14,000 people in 20 countries, are leading suppliers of advanced equipment, systems and services for the global mining industry.
In a brief statement, Doosan said Montabert’s products and equipment fitted with Joy Global’s core business of designing, manufacturing, distributing and servicing high-productivity mining equipment, and that the divestiture would provide Montabert and their employees with the opportunity to work for a global mining equipment business that is active in all major mining regions in the world.
For the 12 months ended 31 March 2015, Montabert’s net sales were approximately US$100 million.
Ted Doheny, president and chief executive officer of Joy Global, said: ‘This acquisition represents an important step in expanding product and service capabilities for hard rock mining, tunnelling and rock excavation, further diversifying the company’s commodity and end-market exposures.
‘The Montabert product line will complement our existing fleet of hard rock equipment and leverages our global service centre infrastructure, providing long-term value to our shareholders.’
Following the divestiture of Montabert, Doosan say they will now be looking to further focus on capturing all growth opportunities in order to significantly grow the company’s business in Europe, the Middle East and Africa.
All supply agreements between Montabert and Doosan for all Bobcat- and Doosan-branded products will continue.