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Joy Global Inc. Announces the Acquisition of Continental Global Inc.

Wednesday, January 9th, 2008

Joy Global Inc. a worldwide leader in high-productivity mining solutions, reports that it has entered into a definitive agreement with NES Group, Inc. to acquire Continental Global Inc, a world-wide leader in conveyor systems for bulk material handling in mining and other industrial applications. Continental designs, manufactures, installs and services highly engineered conveyor solutions for customers on six continents and has manufacturing facilities in the United States, United Kingdom, South Africa and Australia. Continental’s 2007 sales of conveyor equipment are expected to be approximately $340 million. The purchase price will be $270 million to be funded through available liquidity sources pending completion of permanent financing. The transaction is structured as a purchase from NES Group of the stock of NES Investment, Co., the parent holding company of Continental, and is expected to be accretive to earnings in the first full fiscal year following the acquisition. All businesses of NES unrelated to conveyor equipment, including the company’s axle products business, are being retained by NES Group. Completion of the transaction is subject to the receipt of necessary regulatory approvals and other customary closing conditions and is expected to occur during the first calendar quarter of 2008.

“Continental Global expands the range of products and services we can deliver to our customers, and is consistent with our strategy of adding related and highly synergistic product lines,” stated Mike Sutherlin, President and Chief Executive Officer of Joy Global. “Continental’s conveyor systems fit closely with our surface and underground businesses, allowing us to leverage our strong global presence in both segments. Integrating conveyor systems into our Life Cycle Management programs will extend the impact of these programs to deliver the highest reliability in equipment and systems that are mission critical to our customers. This enhances the efficiency of our existing mine site operations, and is even more important as our customers look to green field projects for future expansion. We are very pleased to welcome the Continental family to Joy Global.”
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