MTI is a Canadian manufacturer of underground hard rock mining equipment serving the North American markets.

Joy Global has acquired all of the assets associated with MTI's hard rock drilling, loader, dump truck, shaft sinking and raise bore product lines.

“We are pleased that the acquisition of MTI has successfully closed in the third quarter of 2014 as planned," Joy Global president and CEO Ted Doheny said.

“This acquisition furthers our strategy to expand our underground mining product lines into the hard rock markets including nickel, potash, palladium, platinum, gold and copper.”