Komatsu America Corp., a
subsidiary of Komatsu Ltd. has completed its acquisition of Joy Global Inc., a
worldwide 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
remains committed to directly servicing the global mining industry and through
its products, services and technologies is focused on helping customers improve
productivity and safety in their operations worldwide.
The close of the transaction
adds to the Komatsu team more than 10,000 people with deep knowledge and
experience in the mining industry, bringing the company's global total to more
than 57,000 employees. With a focus on providing uninterrupted and unrivaled
service and products for its customers, Komatsu plans to leverage the best
practices of both companies while aligning the organization and operation for
optimal customer support.
Komatsu Mining Corp. will be
led by Jeffrey Dawes, formerly leader of Komatsu Latin America. Dawes 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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