Mar. 19, 2021
Recognizing the opportunity for its US and Australian-based conveying businesses to develop new capabilities and diversify, Komatsu has signed an agreement to sell those business units to Stellex Capital, an investment company focused on middle-market companies with improvement and growth potential.
The proposed sale will include the stock of Joy Global Conveyors Inc. and the assets of Komatsu’s Australian-based conveying business, which include the assets, facilities (in Winfield, AL, USA and Somersby, NSW, AU) and a transfer of employees. Together, they will form a new standalone organization owned by Stellex Capital, to be called Continental Global Material Handling LLC. The new entity plans to leverage legacy equipment brands Continental and Goodman-Hewitt, which are part of the sale. The official close of the sale is expected to occur within the next 30 days.
“This is a great opportunity for our conveying teams in the US and Australia to continue growing as part of a new organization driven by Stellex Capital,” said Peter Salditt, president of underground and hard rock mining for Komatsu Mining Corp. “Stellex has a history of investing in businesses with similar profiles and has a proven track record of success.”
This proposed sale does not include Komatsu’s UK conveyor business, which has a very customized business model focusing on construction and civil tunneling, that differs from the Stellex portfolio. Komatsu will continue to position this area of its business for future opportunities.
No : 0084(3015)
Corporate Communications Department
Sustainability Promotion Division
Komatsu Ltd.
tel: +81-(0)3-5561-2616
mail: JP00mb_cc_department@global.komatsu
*The information described is at the time of presentation and may be subject to advance notice.
