July 27, 2016
Struggling U.S. equipment manufacturer Joy Global will sell its steel plate mill in Longview, TX to Nucor Corp. for $29 million. The announcement came at the same time that Komatsu of Japan released its intent to purchase the Milwaukee-headquartered company for $3.7 billion.
Under Nucor’s ownership, the plant at 2400 MacArthur St. will continue supplying Joy Global with the heavy steel plates used to manufacture the company’s mining equipment. The sale is expected to close by mid-September.
Joy Global supplies equipment to worldwide mining companies, as well as offering programs including technical support, on-site maintenance and remote health monitoring. However, fluctuating prices or commodities including iron ore, copper and coal, have led to a decline in demand for mining equipment. Komatsu is Japan’s largest seller of construction equipment, and the world’s largest behind Caterpillar Inc.
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