Industry | Mining |
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Fate | Acquired by Komatsu Limited |
Founded | 1958 (1958) |
Founder | Joseph Francis Joy |
Defunct | April 5, 2017 (April 5, 2017) |
Headquarters | Milwaukee, Wisconsin |
Key people
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Edward L. Doheny II, CEO James M. Sullivan, CFO |
Products | Surface mining machinery Underground mining machinery |
Revenue | $2.371 billion (2016) |
Net income
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$0.058 billion (2016) |
Total assets | $3.426 billion (2016) |
Total equity | $1.381 billion (2016) |
Number of employees
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10,000 (2016) |
Subsidiaries | P&H Mining Equipment |
Website | www |
Joy Global
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Related |
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Komatsu Limited
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Joy Global Inc. was a company that manufactured and serviced heavy equipment used in the extraction and haulage of coal and minerals in both underground and surface mining. The company had manufacturing facilities in Alabama, Texas, Wisconsin, Australia, Canada, China, France, South Africa and the United Kingdom. In 2017, Komatsu Limited acquired the company.
In 2016, sales of services accounted for 78% of revenues, while sales of equipment accounted for 22% of revenues.
The company had its beginnings in Milwaukee, Wisconsin. At the time, Milwaukee was a center of industrial machinery manufacturing at the convergence of three rivers entering Lake Michigan. Among the growing number of machinery manufacturing firms in Milwaukee in the 1870s was a struggling firm known as the Whitehill Sewing Machine Company. Alonzo Pawling and Henry Harnischfeger managed castings patternmaking and gear machining operations within the Whitehill factory. Concerned that Whitehill lacked the marketing and manufacturing discipline needed to grow, they formed a machine and pattern shop on December 1, 1884. to manufacture, assemble and service components and equipment needed by other, larger manufacturing firms in the region.
In 1887, Pawling and Harnischfeger helped rebuild and upgrade an overhead bridge crane within the foundry operations of the Edward P. Allis Manufacturing Company that had collapsed following an attempt to move a load beyond its rated lifting capacity. The rebuilt crane replaced the complex system of ropes and pulleys that failed with a simplified system of motors and gearboxes. Soon after, Pawling and Harnischfeger began building their own line of overhead cranes for manufacturing and warehouse operations.
The Panic of 1893 caused demand to fall for the cranes designed and built by Pawling and Harnischfeger, who were referred to by customers as “P&H”. The partners decided to expand their product line to include earthmoving machines in order to increase their ability to withstand the next economic downturn. That same year, P&H acquired the motors and controls manufacturing assets of the Gibbs Electric Company following the acquisition of Gibbs by Westinghouse Electric Manufacturing Company, as Pawling and Harnischfeger wanted greater control over the application of motors applied to their crane line.
In 1895, in Cumberland, Maryland, 12-year-old Joseph Francis Joy went to work as a slate picker in a coal mine, eventually working underground with picks, hand-held drilling augers and shovels to load coal into rail-mounted cars. By 1903, the 20-year-old was learning mechanical engineering via a mail-order course and tinkering with ideas for mechanizing the coal-mining process. Joy’s designs attracted no interest from underground coal mines at first, but the Pittsburgh Coal Company in 1916 saw the potential productivity gains that might be obtained by investing in a Joy gathering-arm type loader. Joy obtained a U.S. patent on his device in 1919 and launched Joy Mining Machinery.
In Milwaukee, Pawling & Harnischfeger became known as the Harnischfeger Corporation following the death of Alonzo Pawling in 1911. Harnischfeger launched earth moving machinery line, starting with trenchers and eventually including power shovels and draglines.
By the mid-1920s, the firm had become a large and growing supplier of crawler-mounted shovels and cranes used in construction and mining operations. Over the ensuing decades, P&H-trademarked shovels and cranes grew in size, capacity and drives and controls technology. The firm expanded its product line with the onset of the Great Depression, adding welding machinery, diesel engines and prefabricated homes to its P&H line of shovels and cranes.
In 1956, Harnischfeger Corporation was listed on the American Stock Exchange.
By the 1960s and 1970s, the firm had divested its welding, diesel engines, and prefabricated homes businesses in order to concentrate on construction and mining machines, overhead cranes, hoists, and material handing systems. Recessions in the 1970s and 1980s led the firm to shift its strategic focus to include pulp and papermaking machinery and systems and computer systems applied to military and aerospace systems.
By 1983, the company had evolved into a conglomerate corporation known as Harnischfeger Industries, Inc. In 1986, Harnischfeger acquired the Beloit Corporation, a pulp and papermaking machinery firm, and Syscon Corporation, a Washington DC-based computer systems supplier.
In 1994, Harnischfeger Industries, Inc. bought Joy Mining Machinery for $1 billion in stock. Joy was a supplier of underground mining equipment based in Franklin, Pennsylvania.
In 1997, Harnischfeger sold the P&H overhead cranes and hoists business to Morris Material Handling.
The 1997 Asian Financial Crisis led to the collapse of a major paper manufacturing business based in Indonesia and the subsequent default on numerous contracts valued in excess of US$5.25 billion. One of those contracts valued in excess of US$250 million was held by Harnischfeger Industries’ Beloit Corporation subsidiary.
In June 1999, Harnischfeger Industries filed for Chapter 11 bankruptcy.
On July 12, 2001, Joy Global Inc. became the direct successor to Harnischfeger Industries, Inc. upon emergence from the Chapter 11 financial restructuring process.
In 2008, the company acquired N.E.S. Investment Co. and its wholly owned subsidiary, Continental Crushing & Conveying (CCC), a supplier of material crushing and conveying systems for surface mining operations.
In 2011, the company acquired LeTourneau Technologies, the mining equipment and drilling systems business unit of Rowan Companies. The acquisition expanded the scope of the company by adding high-capacity front-end loaders for mining operations. Later that year Joy Global divested the LeTourneau drilling products business to Cameron International.
In July 2011, the company acquired a 41% stake in International Mining Machinery Holdings, one of China’s biggest manufacturers of long-wall mining shearers for extracting coal from underground mines, for US$585 million, with plans to obtain the remaining shares of the China-based mining equipment manufacturer through a tender offer. In November 2011, Joy Global acquired an additional 10.5% of the outstanding shares of International Mining.
In 2013, Edward (Ted) L. Doheny, II was named chief executive officer of the company.
In 2016, the company sold a steel plate mill to Nucor for $29 million.
In 2017, Komatsu Limited acquired the company.
The company marketed equipment to underground mine operations using the “Joy” products trademark. Surface mining equipment is marketed using the “P&H” products trademark.
Joy Global's underground business received 90% of its revenue from coal projects, and from the manufacture of underground mining equipment.
In 2011 underground mining machinery accounted for 60.5% of Joy Global's revenue (excluding LeTourneau) up from 60.3% in 2010.
Joy Mining Machinery (Joy) was the world’s largest producer of high productivity underground mining machinery for the extraction of coal and other bedded materials including trona and salt. Joy operated major support facilities in Australia, South Africa, United Kingdom, China and the United States, with sales offices and service facilities in India, Poland and Russia – all near or within major underground mining regions.
Joy products included:
Joy Mining Machinery operated a global network of service centers and warehouses to help underground mining operations obtain high levels of equipment and mining systems reliability and productivity. Joy applies a “life cycle management” strategy to help optimize the utility and potential life of the equipment it designs, builds and supports for underground mining operations, all of which pursue a high-efficiency, high-throughput strategy to obtain lowest-possible cost-per-ton production of coal, salt, trona and other materials. Life cycle management support includes 24/7 emergency repairs as well as preventive maintenance, performance-enhancing upgrades, rebuilds and relocations, and also remote health monitoring systems aimed at minimizing machine downtime through rapid diagnosis and correction of equipment faults and breakdowns.
P&H Mining Equipment is a supplier of equipment and service support to the global surface mining industry. P&H shovels, drills and draglines are applied to copper, coal, iron ore, oil sands, gold, phosphates, molybdenum and diamond mining operations.
P&H Mining products include:
P&H Mining Equipment provides a network of P&H MinePro services mine operations service support workshops, warehouses and teams of mechanics, electricians and welders. MinePro provides life cycle management support for P&H and other brands of mining equipment.
2016-06-10 | Upgrade | FBR & Co. | Market Perform to Outperform | $14.00 to $25.00 |
2016-06-10 | Upgrade | FBR & Co | Market Perform to Outperform | $14.00 to $25.00 |
2016-06-07 | Reiterated Rating | Jefferies Group | Hold | $14.00 to $19.00 |
2016-06-06 | Reiterated Rating | Bank of America | Hold | $22.00 to $24.00 |
2016-06-06 | Reiterated Rating | Bank of America Corp. | Hold | $22.00 to $24.00 |
2016-06-04 | Reiterated Rating | Citigroup Inc. | Hold | |
2016-06-03 | Boost Price Target | Citigroup Inc. | Neutral | $16.00 to $20.00 |
2016-06-03 | Boost Price Target | Morgan Stanley | Equal Weight | $13.00 to $14.00 |
2016-05-26 | Reiterated Rating | Morgan Stanley | Hold | $13.00 |
2016-05-23 | Reiterated Rating | Axiom Securities | Sell | |
2016-05-09 | Upgrade | Forward View | Sell to Hold | |
2016-04-25 | Downgrade | Forward View | Hold to Sell | |
2016-04-25 | Upgrade | Goldman Sachs | Sell to Neutral | $13.00 to $24.00 |
2016-04-25 | Upgrade | Goldman Sachs Group Inc. | Sell to Neutral | $13.00 to $24.00 |
2016-04-18 | Upgrade | Bank of America | Underperform to Neutral | $8.00 to $22.00 |
2016-04-17 | Reiterated Rating | Robert W. Baird | Buy | |
2016-04-12 | Boost Price Target | Jefferies Group | $10.00 to $14.00 | |
2016-04-12 | Reiterated Rating | Axiom Securities | Sell | |
2016-04-05 | Reiterated Rating | FBR & Co. | Market Perform | |
2016-03-31 | Reiterated Rating | Goldman Sachs | Sell | |
2016-03-15 | Reiterated Rating | Axiom Securities | Sell | $10.00 |
2016-03-14 | Reiterated Rating | BMO Capital Markets | Outperform | |
2016-03-08 | Reiterated Rating | BMO Capital Markets | Outperform | $16.00 to $23.00 |
2016-03-05 | Reiterated Rating | RBC Capital | Hold | |
2016-03-05 | Reiterated Rating | FBR & Co. | Neutral to Hold | |
2016-03-05 | Reiterated Rating | Robert W. Baird | Buy | |
2016-03-05 | Reiterated Rating | Royal Bank Of Canada | Hold | |
2016-03-04 | Boost Price Target | FBR & Co. | Mkt Perform | $10.00 to $14.00 |
2016-03-04 | Boost Price Target | RBC Capital | Hold to Sector Perform | $15.00 to $16.00 |
2016-03-02 | Downgrade | Axiom Securities | Hold to Sell | $11.00 to $10.00 |
2016-03-02 | Reiterated Rating | JPMorgan Chase & Co. | Neutral | |
2016-02-09 | Downgrade | Forward View | Buy to Hold | $21.00 to $13.00 |
2016-02-01 | Upgrade | Barclays | Equal Weight to Overweight | $14.00 |
2016-02-01 | Upgrade | Barclays PLC | Equal Weight to Overweight | $14.00 |
2016-01-20 | Boost Price Target | Jefferies Group | Hold | $13.00 to $15.00 |
2016-01-13 | Reiterated Rating | Citigroup Inc. | Neutral | $13.00 to $10.00 |
2015-12-30 | Reiterated Rating | BMO Capital Markets | Outperform | $21.00 to $16.00 |
2015-12-27 | Upgrade | FBR & Co. | Hold | |
2015-12-21 | Upgrade | FBR & Co. | Underperform to Market Perform | $14.00 to $10.00 |
2015-12-17 | Lower Price Target | William Blair | Outperform | $26.00 to $14.00 |
2015-12-17 | Lower Price Target | Susquehanna | Neutral | $20.00 to $13.00 |
2015-12-17 | Lower Price Target | Raymond James | Market Perform | $23.00 to $13.00 |
2015-12-17 | Reiterated Rating | Barclays | Hold | $16.00 to $14.00 |
2015-12-17 | Lower Price Target | Raymond James Financial Inc. | Market Perform | $23.00 to $13.00 |
2015-12-16 | Reiterated Rating | Citigroup Inc. | Neutral | $13.00 |
2015-12-11 | Lower Price Target | JPMorgan Chase & Co. | Neutral | $18.50 to $10.00 |
2015-12-07 | Reiterated Rating | Goldman Sachs | Sell | $8.00 |
2015-12-01 | Downgrade | Bank of America | Neutral to Underperform | $10.00 |
2015-10-19 | Downgrade | BB&T Corp. | Hold to Underweight | |
2015-10-15 | Initiated Coverage | Avondale Partners | Outperform | $36.00 |
2015-10-11 | Reiterated Rating | William Blair | Outperform | $26.00 |
2015-09-28 | Initiated Coverage | BB&T Corp. | Hold | |
2015-09-26 | Reiterated Rating | Raymond James | Outperform | |
2015-09-24 | Initiated Coverage | Barclays | Equal Weight | $16.00 |
2015-09-18 | Initiated Coverage | FBR & Co. | Underperform | $14.00 |
2015-09-15 | Downgrade | Axiom Securities | Buy to Hold | $14.00 |
2015-09-06 | Reiterated Rating | Deutsche Bank | Hold | |
2015-09-06 | Reiterated Rating | Deutsche Bank AG | Hold | |
2015-09-05 | Reiterated Rating | RBC Capital | Hold | |
2015-09-05 | Reiterated Rating | Robert W. Baird | Buy | |
2015-09-04 | Reiterated Rating | William Blair | Outperform | $40.00 to $26.00 |
2015-09-04 | Lower Price Target | Raymond James | Market Perform | $44.50 to $23.00 |
2015-09-04 | Lower Price Target | Robert W. Baird | Outperform | $50.00 to $24.00 |
2015-09-04 | Lower Price Target | RBC Capital | Sector Perform | $43.00 to $23.00 |
2015-09-03 | Reiterated Rating | Jefferies Group | Hold | $34.00 to $20.00 |
2015-08-21 | Initiated Coverage | Axiom Securities | Hold to Buy | $21.00 |
2015-08-14 | Reiterated Rating | Canaccord Genuity | Buy | |
2015-07-28 | Downgrade | Scotiabank | Sell | $21.00 |
2015-07-28 | Reiterated Rating | Goldman Sachs | Sell | |
2015-07-22 | Reiterated Rating | JPMorgan Chase & Co. | Hold | |
2015-07-21 | Lower Price Target | JPMorgan Chase & Co. | Neutral | $33.00 to $29.00 |
2015-07-14 | Lower Price Target | Jefferies Group | Hold | $43.00 to $34.00 |
2015-07-02 | Reiterated Rating | Wolfe Research | Market Perform | $26.00 |
2015-06-09 | Reiterated Rating | Wolfe Research | Market Perform | $26.00 |
2015-05-28 | Reiterated Rating | Longbow Research | Hold | |
2015-05-27 | Reiterated Rating | Longbow Research | Hold | |
2015-05-26 | Reiterated Rating | Longbow Research | Hold | |
2015-05-12 | Upgrade | Robert W. Baird | Outperform | |
2015-05-11 | Upgrade | Robert W. Baird | Neutral to Outperform | $45.00 to $62.00 |
2015-04-02 | Initiated Coverage | Wolfe Research | Market Perform | |
2015-03-30 | Reiterated Rating | Deutsche Bank | Hold | $45.00 |
2015-03-06 | Reiterated Rating | Brean Capital | Hold | |
2015-03-06 | Lower Price Target | Barclays | Equal Weight | $54.00 to $45.00 |
2015-03-06 | Lower Price Target | Citigroup Inc. | Neutral | $50.00 to $45.00 |
2015-03-06 | Lower Price Target | Deutsche Bank | Hold | $51.00 to $45.00 |
2015-03-06 | Lower Price Target | RBC Capital | Hold | $52.00 to $46.00 |
2015-03-02 | Downgrade | Bank of America | Buy to Neutral | $47.00 |
2015-02-10 | Set Price Target | Axiom Securities | Sell | $28.00 |
2015-02-09 | Lower Price Target | Citigroup Inc. | Neutral | $54.00 to $50.00 |
2015-01-21 | Upgrade | BMO Capital Markets | Market Perform to Outperform | |
2015-01-16 | Downgrade | KeyBanc | Buy to Hold | |
2015-01-16 | Downgrade | KeyCorp | Buy to Hold | |
2015-01-12 | Downgrade | RBC Capital | Outperform to Sector Perform | $67.00 to $52.00 |
2015-01-07 | Downgrade | KeyBanc | Buy to Hold | $65.00 to $44.50 |
2014-12-18 | Reiterated Rating | Deutsche Bank | Hold | $55.00 to $51.00 |
2014-12-18 | Reiterated Rating | Barclays | HOLD | $60.00 to $54.00 |
2014-12-18 | Upgrade | Longbow Research | Underperform to Neutral | $50.00 |
2014-11-13 | Initiated Coverage | Brean Capital | Hold | |
2014-11-12 | Initiated Coverage | Brean Capital | Hold | $50.00 |
2014-10-10 | Reiterated Rating | Barclays | Equal Weight | $62.00 to $60.00 |
2014-09-05 | Lower Price Target | Raymond James | $61.50 to $60.00 | |
2014-08-28 | Boost Price Target | JPMorgan Chase & Co. | $60.00 to $62.00 | |
2014-06-30 | Boost Price Target | JPMorgan Chase & Co. | Neutral | $58.00 to $60.00 |
2014-06-23 | Downgrade | Longbow Research | Neutral to Underperform | $50.00 |
2014-06-09 | Reiterated Rating | KeyBanc | Buy | $65.00 to $75.00 |
2014-06-06 | Reiterated | RBC Capital Mkts | Outperform | $62 to $67 |
2014-06-06 | Reiterated Rating | Barclays | Equal Weight | $60.00 to $62.00 |
2014-06-06 | Reiterated Rating | Citigroup Inc. | Neutral | $60.00 to $65.00 |
2014-06-06 | Reiterated Rating | Raymond James | Market Perform | $60.00 to $61.50 |
2014-06-06 | Upgrade | S&P Equity Research | Neutral to Buy | |
2014-06-06 | Boost Price Target | RBC Capital | Outperform | $62.00 to $67.00 |
2014-06-06 | Upgrade | Bank of America | Neutral to Buy | $60.00 to $70.00 |
2014-06-06 | Boost Price Target | Robert W. Baird | $57.00 to $62.00 | |
2014-06-06 | Boost Price Target | William Blair | Outperform | $60.00 to $65.00 |
2014-03-11 | Reiterated Rating | Morgan Stanley | Positive to Equal Weight | $54.00 to $58.00 |
2014-03-10 | Boost Price Target | BMO Capital Markets | $54.00 to $60.00 | |
2014-03-07 | Boost Price Target | Barclays | Equal Weight | $56.00 to $60.00 |
2014-03-07 | Boost Price Target | RBC Capital | Outperform | $60.00 to $62.00 |
2014-02-20 | Initiated Coverage | Deutsche Bank | Hold | $55.00 |
2014-02-18 | Boost Price Target | Robert W. Baird | $55.00 to $57.00 | |
2014-01-23 | Initiated Coverage | Bank of America | Neutral | |
2014-01-03 | Downgrade | Goldman Sachs | Neutral to Sell | $52.00 |
2013-10-21 | Boost Price Target | Raymond James | Market Perform | $53.75 to $57.00 |
2013-09-18 | Downgrade | Robert W. Baird | Outperform to Neutral | $57.00 to $55.00 |
2013-08-30 | Downgrade | BB&T Capital Mkts | Buy to Hold | |
2013-08-29 | Reiterated | Barclays | Equal Weight | $66 to $55 |
2012-06-01 | Reiterated | Barclays | Overweight | $96 to $88 |
2011-12-15 | Reiterated | RBC Capital Mkts | Outperform | $107 to $93 |
2016-06-10 | Upgrade | FBR & Co. | Market Perform to Outperform | $14.00 to $25.00 |
2016-06-10 | Upgrade | FBR & Co | Market Perform to Outperform | $14.00 to $25.00 |
2016-06-07 | Reiterated Rating | Jefferies Group | Hold | $14.00 to $19.00 |
2016-06-06 | Reiterated Rating | Bank of America | Hold | $22.00 to $24.00 |
2016-06-06 | Reiterated Rating | Bank of America Corp. | Hold | $22.00 to $24.00 |
There is presents forecasts of rating agencies and recommendations for investors about this ticker
In JOY 20 funds of 2213 total. Show all
Fund name | Ticker shares |
---|---|
BlackRock Fund Advisors | 5.90M |
BlackRock Institutional Trust Company, N.A. | 3.09M |
BlackRock Investment Management, LLC | 0.68M |
RUSSELL FRANK CO/ | 0.41M |
MANAGED ACCOUNT ADVISORS LLC | 0.32M |
BlackRock Group LTD | 95337 |
BLACKROCK ADVISORS LLC | 54114 |
MARQUE MILLENNIUM CAPITAL MANAGEMENT LCC | 42180 |
Schonfeld Group Holdings LLC | 34422 |
KILLEN GROUP INC | 30000 |
Placemark Investments, Inc. | 22205 |
VTL Associates, LLC | 16527 |
Loeb Offshore Management LP | 15000 |
Alpine Partners USVI, LLC | 4896 |
SpiderRock Trading LLC | 2788 |
Name Relationship | Total Shares | Holding stocks |
---|---|---|
SUTHERLIN MICHAEL W President and CEO | 0.19% (184918) | BTU / JOY / SCHN / TESO / |
Baker Randal W EVP | 0.05% (46574) | ATU / JOY / |
Agnew James E VP, Controller and CAO | 0.01% (5199) | JOY / |