Joy Global, the US mining equipment manufacturer with 133 years of history, being founded in 1818, has been officially renamed the Komatsu Mining Corporation.
The US equipment business was sold to Komatsu America Corporation, part of Japan-based Komatsu, for $3.7bn in a deal made last year and finalised on April 5.
Despite the renaming, Komatsu has assured the nearly 1,000 Joy employees in Milwaukee, US, that little will change from the perspective of day-to-day operations.
Jeffrey Dawes, president of Komatsu Mining Corporation, said: “We couldn’t be more pleased to commit to keeping the headquarters of Komatsu Mining right here in Milwaukee.”
The company has said it will continue to promote and invest in the Joy, P&H and Montabert brands, and that it will not shutting down the factory at 4400 W. National Ave., Milwaukee, even though that plant has recently seen hundreds of layoffs.
Dawes continued: “We didn’t buy this company to close it. Quite the contrary; there is huge experience here, more than 100 years’ worth, and we want to capitalise on that and make it grow.”
The full merger of Joy into Komatsu’s operations could take several years to complete, and there are no guarantees for how it will look when finished. However, many mining equipment companies are in a deep slump, and Joy competitor Caterpillar has also shed numerous jobs in South Milwaukee.
Dawes told employees: “With so many voices around the world, and processes to consider, we will all need to be patient through these times of ambiguity and uncertainty. We expect you to participate, collaborate, listen to new perspectives, share ideas and be open to change.”
Komatsu was formed in 1921, and Joy is its largest acquisition to date. Together, Komatsu and Joy Global now have about 60,000 employees worldwide.
Dawes was previously head of Komatsu Latin America.
