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BRIEFLY

Investors will take Joy Manufacturing private.

June 25, 1987

The Pittsburgh firm's shareholders approved a $620-million leveraged buyout by a group of investors associated with the investment firm Adler & Shaykin. Each Joy common share will be exchanged for 1.75 shares of redeemable preferred stock in the new company, which will be called Joy Technologies. Each preferred share in Joy would have an annual dividend rate of $3.25.

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