Komatsu America Corp., a subsidiary of Komatsu Ltd., has completed its acquistion of Joy Global and announced Wednesday the Milwaukee-based company will now be known as Komatsu Mining Corp.
Komatsu Mining Corp. will operate as a subsidiary of Komatsu and will retain the former Joy Global headquarters in Milwaukee. Komatsu Mining will continue to promote and invest in the P&H, Joy and Montabert product brands.
The acquistion was announced in July 2016 in which Komatsu would acquire Joy Global in a transaction valued at approximately $3.7 billion.
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 Komatsu’s global total to more than 57,000 employees.
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.
“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,” said Tetsuji Ohashi, President and CEO of Komatsu. “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 unrivaled mining solutions and services provider.”
Joy Global shares will be delisted from the NYSE and will no longer be publicly traded.