Komatsu announced Thursday that it is purchasing mining equipment maker Joy Global of Milwaukee in a deal worth about $3.7 billion.
The Japan-based Komatsu makes construction, mining and military equipment.
Joy Global has 1,000 employees in Milwaukee and 12,000 worldwide.
Komatsu says it plans to keep Joy Global as a separate subsidiary. The transaction is expected to close by the middle of next year, and still needs approval from Joy Global stockholders. Joy Global stockholders are expected to receive $28.30 per share in cash, as part of the deal.
