Joy Global Approves Acquisition by Komatsu

Published: October 24, 2016 |

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Joy Global has approved the company’s pending acquisition by Komatsu America Corp., a subsidiary of Komatsu Ltd.

“We are pleased with the outcome of today’s vote and appreciate the support we have received from Joy Global stockholders for the Komatsu transaction,” said Ted Doheny, president and CEO of Joy Global.

“Stockholder approval represents a key milestone on the path to completing the transaction, which will deliver compelling value to Joy Global stockholders and further our ability to lead the mining industry with product and service innovation to enhance mine safety and productivity. We are confident that combining with Komatsu is the best way to exceed the needs of our customers, and look forward to expanding our offerings upon closing,” added Doheny.

As previously reported on July 21, 2016, Joy Global and Komatsu entered into a definitive merger agreement pursuant to which Komatsu will acquire Joy Global in a transaction valued at approximately $3.7 billion, including Joy Global’s outstanding indebtedness. The transaction is on track to close by mid-2017.

About Joy Global
Joy Global is a leading provider of advanced equipment, systems and direct services for the global mining industry. The company’s P&H, Joy and Montabert branded equipment is a critical component of operations in a variety of commodity markets including energy, hard rock and industrial minerals. Based in Milwaukee, Wisconsin, USA, Joy Global employs 12,000 people in 20 countries.

To stop by Joy Global’s website, CLICK HERE

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