Komatsu acquires Joy Global
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Joy Global Inc. will be renamed Komatsu Mining Corp., with headquarters remaining in Milwaukee, WI
Komatsu has recently completed its acquisition of Joy Global Inc., a leader in high-productivity mining solutions.
Retaining its headquarters in Milwaukee, WI, Joy Global Inc. will be renamed Komatsu Mining Corp. 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 says they remain committed to directly servicing the global mining industry and through its products, services, and technologies, the company is focused on helping customers improve productivity and safety in their operations worldwide.
"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," Tetsuji Ohashi, president and CEO of Komatsu, says.
"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 transaction adds more than 10,000 people to the Komatsu team who bring in extensive knowledge and experience in the mining industry, getting the company's global total to more than 57,000 employees.
Komatsu Mining Corp. will be led by Jeffrey Dawes, the former leader of Komatsu Latin America. Jeffery and the management team will be based in Milwaukee, WI.
Following the close of the transaction—valued at approximately $3.7 billion, including Joy Global's outstanding indebtedness—Joy Global shares will be delisted from the NYSE and will no longer be publicly traded.
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