Komatsu is expanding its mining business with the acquisition of Joy Global.
The off-road equipment manufacturer recently completed the deal that will see Joy Global renamed Komatsu Mining Corp and operate as a subsidiary of the Komatsu group, while retaining its headquarters in Milwaukee, Wisconsin.
The close of the acquisition means Komatsu will benefit from an extra 10,000 employees’ knowledge and experience in the mining industry. Its global staff will now total more than 57,000.
Komatsu president and CEO Tetsuji Ohashi 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.”
Komatsu Mining will be led by Jeffrey Dawes, formerly of Komatsu Latin America. Dawes and the management team will all be based at the company’s Milwaukee headquarters.
The company was valued at US$3.7bn after the deal was completed. The former entity’s shares will be delisted from the New York Stock Exchange and no longer traded publicly.
Komatsu Mining will continue promotion of, and investment in, the P&H, Joy and Montabert product brands.
April 7, 2017