Komatsu acquire Joy Global for $3.7 billion
Joy Global to be renamed Komatsu Mining Corporation, with headquarters to remain in Milwaukee
KOMATSU America Corporation, a subsidiary of Komatsu Ltd, have completed their acquisition of US-based mining solutions manufacturers Joy Global Inc. for approximately US$3.7 billion, including Joy Global’s outstanding indebtedness.
Retaining their headquarters in Milwaukee, Wisconsin, Joy Global will be renamed Komatsu Mining Corporation and operate as a subsidiary of Komatsu. The company will continue to promote and invest in the P&H, Joy and Montabert product brands.
Komatsu say they plan to leverage the best practices of both companies while aligning the organization and operation for optimal customer support.
Commenting on the acquisition, Tetsuji Ohashi, president and chief executive officer of Komatsu, said: ‘The combination of our Komatsu-brand surface mining equipment with the P&H, Joy and Montabert brands of surface and underground products will allow us to offer a complete range of mining solutions for our customers.
‘We plan to build on the strength of our shared cultures, including our unwavering belief in safety first and our passion for providing innovative solutions, to become an unrivalled mining solutions and services provider.’
The closing of the transaction has added more than 10,000 people to the Komatsu team, bringing the company’s global total to more than 57,000 employees.
Jeffrey Dawes, former head of Komatsu Latin America, will lead Komatsu Mining Corporation. Both he and the management team will be based in Milwaukee.
Following the close of the transaction, Joy Global shares will be delisted from the New York Stock Exchange and will no longer be publicly traded.