Based on our efforts during 2009, we enter 2010 as a more efficient company with a stronger balance sheet and greater liquidity. This past year, Joy Global delivered record revenues, record earnings and record profitability, and we improved many other areas of performance. We carry strong performance momentum forward into 2010, and we are well positioned to add strategic growth to industry recovery.

China is key to our future, and we are pleased to report that our China strategy is working. Our Tianjin shovel transmission factory is our most advanced, leanest and lowest cost facility worldwide, and it almost doubles our capacity for core shovel components. For our underground business, we continue to expand our ability to make major components in China and to assemble machines for delivery into the local market. We have moved Shengda, a longwall shearing machine manufacturer acquired this past year, into a new, state-of-the-art facility, and it is exceeding our plans for both top-line and bottom-line growth. We continue to view China as a major growth market for high productivity mining equipment and as a transforming market for legacy mines. We are well positioned to serve all three growth areas, and will continue to expand those positions.

Proudly, 2009 was
our safest year ever,
with a lost time incident
rate below 0.7 per one
hundred full time workers.
That’s less than one-fourth
the average rate of
all manufacturing.