Komatsu Ltd., the second-biggest global mining and construction equipment maker, agreed to buy Joy Global Inc. for $2.89 billion, signaling the Japanese company is optimistic that demand for shovels and drills will rebound after years of declining commodity prices. The purchase will be Komatsu’s biggest-ever acquisition, bolstering its ability to compete with larger rival Caterpillar Inc.
Joy is the largest independent maker of underground mining equipment and has long been viewed as a potential target for Komatsu, which manufactures dump trucks and large excavators for companies such as Rio Tinto Group.
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