JOY GLOBAL, KOMATSU AMERICA CORP TO MERGE
- Sep 3, 2016 Click here for More News
Joy Global Inc, a worldwide leader in high-productivity mining solutions, announced that its Board of Directors has unanimously approved a definitive merger agreement under which Komatsu America Corp, a subsidiary of Komatsu Ltd , will acquire Joy Global in a transaction valued at approximately $3.7 billion, including Joy Globalīs outstanding indebtedness.
Komatsu intends to operate Joy Global as a separate subsidiary of Komatsu and retain the strength of the Joy Global brand names. The companies will align the organisation and operation for optimal customer support from Joy Globalīs headquarters in Milwaukee, Wisconsin. Komatsu and Joy Globalīs products and services are highly complementary and the combined organisation will continue to focus on safety, productivity and life cycle cost improvement for customers. Komatsu plans to leverage both companiesī leading technologies to pursue product and service innovation to enhance mine safety and productivity. In addition, the companies employ complementary strategies and are committed to an integrated direct sales and service model.
īThis is a compelling transaction that delivers substantial and certain value to our stockholders as well as expanded options for our customers and employees going forward,ī said Ted Doheny, President and Chief Executive Officer of Joy Global. Equipment India Magazine
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