Komatsu acquires Joy Global for US$2.89 billion.

Japanese mining equipment manufacturer Komatsu has acquired Joy Global for US$2.89 billion.

Milwaukee-based Joy Global has a location in Lively, a subdivision of Sudbury. It was formerly Mining Technologies International, which Joy Global acquired in 2014 for $51 million.

In a July 21 release, Komatsu said the acquisition is part of its three-year plan for growth in its mining equipment business. It will pay $28.30 per share of Joy Global.

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Komatsu is the world's second-largest manufacturer of mining and construction equipment, following Caterpillar Inc. However, until now, its focus has been on surface mining equipment.

Joy Global manufactures and services advanced original equipment and parts for underground and surface mining applications, as well as material handling systems and components for a variety of applications, products that complement existing Komatsu products, Komatsu said in the release.

Komatsu is...