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Komatsu today announced that it has completed its acquisition of Wisconsin-based surface and underground mining equipment manufacturer Joy Global.
Citing a belief that the mining industry will see a long-term rebound driven by increased demand for larger equipment in surface mining and further development of underground mining, Komatsu first announced the $3.7 billion deal in July 2016.
Though the original announcement stated Joy Global would operate as a separate subsidiary of Komatsu and would retain the Joy Global brand, Komatsu has opted to rename the 133-year-old company to Komatsu Mining Corp. Komatsu says Joy Global shares will be delisted from the New York Stock Exchange and will no longer be publicly traded.
The company’s headquarters will remain in Milwaukee and the P&H, Joy and Montabert brands that it manufactures will live on. The acquisition introduces underground mining equipment, rope shovels, draglines, drills and super-sized loaders to Komatsu’s portfolio.
Dantotsu equipment and services will continued to be offered by Komatsu following the acquisition and Komatsu says it will likely bolster Dantotsu sales thanks to the influx of new underground mining customers.
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