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Economy & Business

Japanese Firm to Acquire Milwaukee Mining Equipment Manufacturer Joy Global

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Courtesy of Joy Global
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A Joy Global employee working at their Milwaukee Distribution Center.

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.

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