Joy Global Inc. is a worldwide leader in high-productivity mining solutions. Through its market-leading businesses – P&H Mining Equipment and Joy Mining Machinery – the Company manufactures and markets original equipment and aftermarket parts and services for both the underground and above-ground mining industries and certain industrial applications. Joy Global's products and related services are used extensively for the mining of coal, copper, iron ore, oil sands, gold and other mineral resources.
Joy Global and its businesses pride themselves on providing a full range of value-additive aftermarket services, and are committed to assisting our customers mine ores and minerals at the lowest possible cost. To achieve these objectives, we use a Life Cycle Management Strategies (LCMS) approach, which places the highest value on continuous and exceptional customer support. To assist our customers, facilities and equipment service centers span six continents and more than twenty distinct countries.
2010 was another year of exceptional performance and significant accomplishments for Joy Global. Our success is indicative of the fundamental improvements we are making to our business through the dedicated efforts of a very talented team.
At Joy Global, we continually implement programs and initiatives that will make us a more efficient and effective business. These are not just programs, but are also part of our core values and therefore represent our focus on things that matter.
Our highest priority is on safety. First and foremost, we consider it our responsibility to ensure that every member of our team returns home without injury or incident. It’s the responsible way to operate a business, and safety is correlated with higher levels of quality, efficiency and productivity — and therefore enhances overall performance. For the past nine years, our incident rate has been world class. In 2010, we achieved a lost time incident rate of 0.43, and many of our facilities operated the year without incidents. But we will not be satisfied until we achieve zero harm.
Another priority is to make our business more efficient. We measure progress by the reduction in cycle times because it is making us a more responsive business, and it is correlated to other important measures such as quality, on-time delivery, and productivity. Our results were recognized by Industry Week when they rated us as one of the top manufacturing companies. We are now expanding our Operational Excellence program from manufacturing to a wider range of core processes, including engineering, supply chain, rebuilds and field services.
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Our business model is based on designing, making and supporting equipment that is mission critical to mining operations, and we do that better than anyone. Our industry leading aftermarket capability enables this, and therefore it is our single most important asset. We have upgraded this asset by building new, state-of-the-art service centers in major markets such as Canada, Chile, Australia and South Africa, and in the coming year will build service centers in India and Russia to support these key emerging markets. Last year, we significantly expanded the scope of our aftermarket when we opened our first Smart Services center in South Africa to support customers in that region with remote, real-time condition monitoring, diagnostics and cutting/loading cycle optimization tools. Customers are now asking for Smart Services in their other operating regions. Smart Services is giving us a significant competitive advantage, and we plan its introduction into other key markets.
Joy Global also continues investing to capitalize on the high growth potential in the emerging markets. Our armored face conveyor factory and our shovel transmission factory deliver the best performance and lowest cost in our fleet. In addition, we had record levels of order bookings of our globally branded Joy and P&H equipment from the largest mining customers in China as they continue to realize the greatest value from the world’s most productive equipment. And finally, we increased the sales of longwall shearing machines made by our Wuxi Shengda business as legacy mines increase their mechanization. In 2011, we will also make our initial investments to adapt and apply our emerging market strategy to India and Russia.
At Joy Global, we deliver high value to our customers and provide our employees a safe work environment and opportunities to grow as our company grows.
Joy Global traces its roots back to the late 19th century. Throughout our rich history, we have been recognized for our quality products and services and respected for our strong values and ethics. We currently employ more than 10,000 dedicated and highly skilled personnel worldwide who continue to carry on Joy Global's traditions by applying modern-day strategies. Management is dedicated to treating employees with respect and dignity. The Company offers competitive benefits and compensation, promotes employee training and development and is committed to workplace safety and diversity.
Management is focused on the mining markets and on using its executive and operational expertise to build long-term value for the benefit of all of Joy Global's stakeholders – shareholders, customers, suppliers and employees. We are committed to reinforcing our strengths to be the supplier of choice for our customers. At P&H Mining Equipment and Joy Mining Machinery, we strive to leverage our superior product lines, strong customer relationships and global opportunities to build greater value.
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P&H Mining Equipment is a global leader in the manufacture and service of pace-setting large excavating and drilling machines used to mine copper, coal, iron ore, silver, gold, diamonds, oilsands, phosphate, molybdenum, potash and other minerals and bedded materials. Ninety percent of the world’s surface mines utilize P&H equipment. P&H offers three major product lines – electric mining shovels, rotary blasthole drills and walking draglines – and is committed to innovation and continual product enhancement. All P&H Mining Equipment products are distributed and supported by the global P&H MinePro Services distribution team. The MinePro Services organization also provides service and support for a broad range of complementary equipment at the world's surface mines. With some 1,500 specialists at over 30 support centers worldwide, MinePro works with customers to achieve the lowest possible cost of production throughout the life cycle of the equipment.
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Joy Mining Machinery (JMM) leads the industry in providing cost effective equipment and support for the extraction of underground coal and other bedded materials. JMM has more than 85 years experience as a global leader in the development, manufacture, distribution and service of underground mining machinery for the extraction of coal and other bedded materials. JMM manufacturers longwall shearers, roof supports, face conveyors, stageloaders, continuous miners, batch haulage vehicles (shuttle cars and battery haulers), continuous haulage systems (continuous chain haulage and flexible conveyor train), feeder breakers, and bolting products (mobile, onboard and portable) for use in longwall and room and pillar mining operations. The company strives to be the leading global supplier of underground mining systems and services in partnership with its customers to enable them to consistently produce at the lowest cost per ton over the life cycle of the equipment.
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The mining industry is vital to the overall health of the world economy. Today, more than 50% of the electricity generated in the US comes from coal-fired power plants. Joy Global expects to continue its role as a leader in assuring that mineral and energy resources are efficiently and carefully extracted, and delivered reliably to meet the requirements of the world economy.