Japanese based industrial machinery provider Komatsu has completed its acquisition of Joy Global, expanding its global mining services business.
Under the approximately $3.7 billion acquisition, Joy Global will be renamed Komatsu Mining Corp and will keep its headquarters in Milwaukee in the United States.
The company will operate as a subsidiary of Komatsu and will continue to invest in the P&H, Joy and Montabert brands in addition to Komatsu’s mining products, services and technologies.
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.”
The acquisition adds more than 100,000 people to Komatsu’s team bringing the company’s total to more than 57,000 employees.
Komatsu Mining will be headed by former leader of Komatsu Latin America, Jeffrey Dawes.
Joy Global will no longer be publicly traded, with its shares delisted from the New York Stock Exchange.
Komatsu’s Australian subsidiary recently acquired Queensland-based mining equipment solutions MineWare to enhance its mining technology.