Northvolt CEO steps down after bankruptcy filing
Peter Carlsson, co-founder and leader of Northvolt since 2016, will remain as advisor as he quit a day after the firm filed for bankruptcy.
US mining equipment maker Joy Global will be now known as Komatsu Mining as the Japanese giant has completed the $3.7 billion takeover first announced in July last year.
The close of the $3.7bn transaction adds about 10,000 people to the Komatsu team, bringing the company’s global total to more than 57,000 employees.
The company, which will remain based in Milwaukee, Wisconsin, will operate as a subsidiary of Komatsu (TYO: 6301), the world’s second-biggest manufacturer of mining and construction equipment.
“The combination of our Komatsu-brand surface mining equipment with the P&H, Joy and Montabert brands of surface and underground products will allow us to offer a complete range of mining solutions for our customers,” Tetsuji Ohashi, President and CEO of Komatsu said in a statement.
The close of the transaction adds to the Komatsu team more than 10,000 people with knowledge and experience in the mining industry, bringing the company’s global total to more than 57,000 employees, the firm said.
Jeffrey Dawes, the former head of Komatsu Latin America, has been named as the new chief executive of Komatsu Mining Corp.
Before acquiring Joy Global, whose shares have been delisted from the New York Stock Exchange, Komatsu only made surface-mining equipment, while Joy was the largest independent manufacturer of machines used underground.
The deal was Komatsu’s biggest-ever acquisition so far.
Image: Provided.
10 Comments
Franklin
Oh wonderful…now we will not receive anything close to Product Support Excellence. As Komatsu has never demonstrated anything even close, regarding customer service.
thus far.
Aaron Ols
Way to destroy the legacy of what once was a proud local brand/company. Now that it’s been acquired by a Japanese company, nothing will be the same. The high turnover rate of jobs will commence. Rather than rewarding employees who know what they’re doing and have been there a long time, they’ll gladly hire people for less money and accept the high turnover rate. Congrats corporate America, you lost another one…
leggman
Totally agree, trying to make a foothold in US to circumvent Trump, tariff threats
Doug Horner
Is this President Trump’s ides of keeping manufacturing jobs in the US? Letting them be bought out and controlled by foreign companies?
Kenny George
What happen to the famous Joy Orange ? Land mark in mining
Kenny George
Sad day for Joy.
Was in South Africa in product support as Tech Service Manager, this was a key selling point and we were all So proud to be doing so and part if the Joy Family. Brilliant company to work for
Mike Failla
Another one bites the dust. Sad day.
heather paterson
Its an awesome day for Joy…..bring it on
Andrew Campbell
I’ve worked for SMS under Komatsu for years and as always there’s ups and downs, but all n all they’ve been a very good company to work for and I look forward to finishing my career with them.
Maybe the P&H folks can get a little better and more steady work schedule
Chuck Gorgen
The real sad day was when Henry Harnischfeger stepped down in the late 1970’s, and within a few years our CEO was Jeff Grade, who took the great P&H into bankruptcy.