Key Stats
Final Revenue (FY 2016): $2.9 billion
Acquisition Value: $3.7 billion (by Komatsu in 2017)
Employees: 10,000+ worldwide
Headquarters: Milwaukee, Wisconsin, USA
Final CEO: Ted Doheny (2013-2017)
Joy Global Inc. manufactured heavy equipment for underground and surface mining operations. The company produced continuous miners, longwall shearers, shuttle cars, and conveyor systems used to extract coal, salt, copper, and other minerals.
Joy Global operated through two main brands. The Joy brand served underground mining operations while P&H equipment supported surface mining. The company held a dominant position in coal mining equipment and served customers across six continents.
Komatsu Limited acquired Joy Global in 2017 for $3.7 billion and renamed the company Komatsu Mining Corp. The Milwaukee headquarters and brand names continue operating under Komatsu ownership today.
Joy Global History
1884
Alonzo Pawling and Henry Harnischfeger formed a machine shop in Milwaukee, Wisconsin. The partnership created equipment that evolved into P&H Mining Equipment.
1919
Joseph Joy founded Joy Machine Company in Evansville, Indiana. He received a patent for his mechanical gathering arm loader that transformed coal mining operations.
1924
Joy Machine Company relocated to Franklin, Pennsylvania. The facility continues manufacturing underground mining equipment under Komatsu ownership today.
1948
Joy produced its first continuous miner, the Model 3JCM. This machine revolutionized underground coal extraction by combining cutting and loading into one operation.
1994
Harnischfeger Industries acquired Joy Mining Machinery. The two companies operated independently while sharing corporate resources and market reach.
2001
Joy Global Inc. emerged from Harnischfeger Industries’ Chapter 11 restructuring. The company combined Joy underground equipment and P&H surface mining machinery.
2011
Joy Global acquired LeTourneau Technologies from Rowan Companies. The deal added wheel loaders and drilling equipment to the P&H surface mining lineup.
2017
Komatsu Limited completed its $3.7 billion acquisition of Joy Global. The company became Komatsu Mining Corp. while retaining the Joy and P&H brand names.
Joy Global Co-founders
Joseph Francis Joy
Founded Joy Machine Company in 1919. Joy started working in coal mines at age 12 and invented the mechanical gathering arm loader. He accumulated 190 patents during his lifetime.
Alonzo Pawling
Co-founded Pawling & Harnischfeger in 1884. Pawling worked as a pattern maker and handled engineering duties. He sold his interest to Harnischfeger in 1911 due to declining health.
Henry Harnischfeger
German immigrant who co-founded the machine shop that became P&H Mining Equipment. Harnischfeger managed business operations and expanded into excavating machinery in 1913.
Joy Global Competitors
Joy Global competed against major mining equipment manufacturers for contracts with coal, metal, and mineral producers worldwide. Caterpillar leads the global mining equipment market with operations spanning construction and resource industries.
| Company | Headquarters | Primary Focus |
|---|---|---|
| Caterpillar | Deerfield, Illinois, USA | Mining trucks, excavators, dozers |
| Komatsu | Tokyo, Japan | Surface mining, construction equipment |
| Sandvik | Stockholm, Sweden | Rock drilling, underground loaders |
| Epiroc | Stockholm, Sweden | Drilling rigs, rock excavation |
| Liebherr | Bulle, Switzerland | Mining excavators, haul trucks |
| Hitachi | Tokyo, Japan | Excavators, dump trucks |
| Metso Outotec | Helsinki, Finland | Crushers, mineral processing |
| Boart Longyear | Salt Lake City, Utah, USA | Drilling services, equipment |
| Atlas Copco | Stockholm, Sweden | Compressors, drilling tools |
| Terex | Norwalk, Connecticut, USA | Cranes, material processing |
Joy Global Revenue
Joy Global generated $2.9 billion in revenue during fiscal year 2016, its final full year as an independent company. Revenue peaked at approximately $5.4 billion in 2012 before declining with global commodity prices.
Joy Global Market Cap
Joy Global’s market capitalization stood at approximately $2.3 billion when Komatsu announced its acquisition in July 2016. The $28.30 per share offer represented a 48% premium over the 90-day average stock price.
Joy Global Acquisitions
Joy Global expanded through strategic acquisitions that strengthened its position in underground and surface mining equipment. The company’s growth strategy targeted complementary technologies and geographic markets.
Harnischfeger Industries acquired Joy Mining Machinery in 1994 to combine surface and underground mining capabilities. The merger created a full-service mining equipment provider. Longwall International joined the company in 1997 and added advanced longwall mining systems to the Joy product line.
The 2006 Stamler acquisition brought feeder breakers and battery haulers into the Joy portfolio. Stamler equipment processes and moves material from continuous miners to conveyor systems. Continental Global and Goodman-Hewitt followed in 2008, expanding conveyor system capabilities for bulk material handling.
LeTourneau Technologies became part of Joy Global in 2011. This acquisition added wheel loaders, drilling systems, and hybrid electric drive technology to P&H surface mining operations. The purchase price was not disclosed, but LeTourneau generated approximately $400 million in annual revenue.
Joy Global entered the Chinese market through its 2012 acquisition of IMM, a group of underground equipment manufacturers. The deal brought roadheader and shearer production capabilities. Mining Technologies International joined in 2014 for $44.4 million, adding hard rock drilling and loader equipment.
Montabert S.A.S. of France completed Joy Global’s acquisition strategy in 2015. The $121.5 million purchase added hydraulic rock breakers and drilling attachments for hard rock mining and tunneling applications. Komatsu Limited then acquired Joy Global in 2017 for $3.7 billion, marking the largest acquisition in the Japanese company’s history.
FAQs
Who founded Joy Global?
Joseph Joy founded Joy Machine Company in 1919 in Evansville, Indiana. The company later merged with Harnischfeger Industries, which was founded by Alonzo Pawling and Henry Harnischfeger in 1884.
What happened to Joy Global?
Komatsu Limited acquired Joy Global in 2017 for $3.7 billion. The company became Komatsu Mining Corp. and continues operating from Milwaukee while maintaining the Joy and P&H brand names.
What products did Joy Global make?
Joy Global manufactured continuous miners, longwall shearers, shuttle cars, roof bolters, and conveyor systems for underground mines. P&H brand produced electric shovels, draglines, and blast hole drills for surface mining.
Where was Joy Global headquartered?
Joy Global was headquartered in Milwaukee, Wisconsin, United States. The company maintained manufacturing facilities in Franklin, Pennsylvania, and operations across North America, Europe, Australia, and China.
How many employees did Joy Global have?
Joy Global employed more than 10,000 people worldwide before the Komatsu acquisition. The workforce included manufacturing, engineering, sales, and service personnel across multiple countries.