Komatsu America, a subsidiary of Komatsu Ltd., has completed its acquisition of mining equipment specialist Joy Global Inc.
Retaining its headquarters in Milwaukee, Wisconsin, USA, Joy Global Inc. will be renamed Komatsu Mining Corp. and operate as a subsidiary of Komatsu Ltd.
The company will continue to promote and invest in the P&H, Joy and Montabert product brands.
Komatsu says it remains committed to directly servicing the global mining industry, and through its products, services and technologies it is focussing 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 solutions for our customers,” says Komatsu chief executive officer and president Tetsuji Ohashi.
“We plan to build on the strength of our shared cultures, including our belief in safety first and our passion for providing innovative solutions, to become an unrivalled mining solutions and services provider,” says Ohashi.
The transaction adds more than 10,000 people with knowledge and experience in the mining industry, bringing Komatsu’s global total to more than 57,000 employees.
Komatsu plans to leverage the best practices of both companies while aligning the organisation and operation for optimal customer support.
The new leader of Komatsu Mining Corp is Jeffery Dawes who previously lead Komatsu Latin America.
Dawes and the management team will operate from Milwaukee, WI.
Following the close of the transaction – valued at approximately USD $3.7 billion, including Joy Global’s outstanding indebtedness – Joy Global shares will delist from the New York Stock Exchange.
