Komatsu has completed its acquisition of American underground mining equipment firm Joy Global, with the new entity to be named Komatsu Mining Corporation.
The new company will retain the Joy Global headquarters in Milwaukee, Wisconsin, and will operate as a subsidiary of the global Komatsu Ltd. The company will continue to promote and invest in the underground-mining Joy brand, the surface-mining P&H brand and drilling equipment brand Montabert.
Komatsu says the move is aimed at rounding out Komatsu’s line of mining products, and demonstrates its commitment to the global mining industry.
The transaction was valued at approximately US$3.7 billion (just over A$4.9 billion) and Joy Global shares will be delisted from the New York Stock Exchange and will no longer be traded.
“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,” Komatsu president and CEO Tetsuji Ohashi 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 acquisition adds more than 10,000 employees to the Komatsu stable, bringing the total to over 57,000 worldwide.
Komatsu Mining Corp. will be led by Jeffrey Dawes, formerly head of Komatsu Latin America. Dawes and the management team will be based in Milwaukee.