Komatsu recently announced that it has signed a definitive agreement to acquire Joy Global Inc., a leading manufacturer of surface and underground mining equipment. The acquisition is expected to close in mid-2017, subject to shareholder and regulatory approval.

A worldwide mining machinery and services company, Joy Global was founded in 1884. Through its leading brands — P&H, Joy and Montabert – the company manufactures and services advanced original equipment and parts for underground and surface mining applications, as well as material handling systems and components for a variety of applications. Joy Global's integrated technology, services and solutions are also a critical component of operations in a variety of commodity markets, including energy, hard rock and industrial minerals. The company generates an annual revenue of $3.17 million.

Komatsu has engaged in the mining equipment business since its foundation in 1921. In the 1990s, the company expanded by acquiring selected mining equipment manufacturing and distribution businesses operating in major mining regions. Today, Komatsu's annual revenue from mining equipment business is generated by surface mining equipment only, as the company's portfolio does not include equipment for underground mining or large-sized loading equipment for surface mining.

This acquisition will allow Komatsu to offer Dantotsu products to customers in both surface mining and underground mining businesses. Merging manufacturing technologies and linking products through Komatsu's fleet management system will further capabilities to optimize machine performance and enhance automation for safety and productivity gains.

After the acquisition is complete, Joy Global will operate as a separate subsidiary of Komatsu. The companies will work together to align the organization and operation to better support customers while retaining the strengths of Joy Global, its brand and the direct sales/services scheme.

For more information, visit www.komatsu.com.