The manufacturer, Komatsu, based in Tokyo, will buy Joy Global, an equipment maker based in Wisconsin, for $28.30 per share, or about $2.9 billion. Joy Global has been hit hard by the global mining slowdown. PhotoHONG KONG — A Japanese manufacturer of mining equipment will spend nearly $3 billion to buy an American equipment maker as they contend with a global mining slump. Komatsu said that Joy Global will add to its ability to offer large loading equipment and equipment for mining underground. Komatsu acknowledged the demand for mining equipment had “declined dramatically,” a result of sluggish global economic growth and a commodities glut.

Source: International New York Times July 21, 2016 09:22 UTC