Komatsu, Joy Global CEOs talk merger at MINExpo meeting

Updated Sep 30, 2016
Komatsu president and CEO Tetsuji Ohashi, left, met with Joy Global president and CEO Ted Doheny, right, during the MINExpo show in Las Vegas this week. Komatsu’s acquisition of Joy is expected to close by mid-2017.Komatsu president and CEO Tetsuji Ohashi, left, met with Joy Global president and CEO Ted Doheny, right, during the MINExpo show in Las Vegas this week. Komatsu’s acquisition of Joy is expected to close by mid-2017.

In an already busy week for Komatsu at the MINExpo show in Las Vegas that included the unveiling of a fully-autonomous haul truck and even a wedding, the company found time to also tout its pending acquisition of Wisconsin-based surface and underground mining equipment manufacturer Joy Global.

On the show floor, Komatsu president and CEO Tetsuji Ohashi met with Joy Global president and CEO Ted Doheny.

Both Ohashi and Doheny issued statements saying they have heard positive feedback from their respective customer bases on the deal, with Ohashi saying he was actually approached at the show by some customers “to congratulate us on our decision.”

“Many of our customers and other business partners see the benefit of combining companies: a broader offering of products, systems and solutions across a wider scope of mining and construction applications,” Doheny said. “Both companies believe in having the best products, direct service, being operationally excellent, and having the best people in the world.”

Joy was founded in 1884 and manufactures P&H, Joy and Montabert equipment. Komatsu has said it will make Joy a subsidiary for roughly $3.7 billion when including Joy’s indebtedness.

The deal is expected to close by mid-2017.