Industry | Mining |
---|---|
Founded | 1958 |
Founder | Joseph Francis Joy |
Defunct | April 5, 2017 |
Fate | Acquired by Komatsu Limited |
Headquarters | Milwaukee, Wisconsin |
Key people | Edward L. Doheny II, CEO James M. Sullivan, CFO [1] |
Products | Surface mining machinery Underground mining machinery |
Revenue | $2.371 billion (2016) [1] |
$0.058 billion (2016) [1] | |
Total assets | $3.426 billion (2016) [1] |
Total equity | $1.381 billion (2016) [1] |
Number of employees | 10,000 (2016) [1] |
Subsidiaries | P&H Mining Equipment |
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. [2] [1] The company had manufacturing facilities in Alabama, Pennsylvania, Texas, Wisconsin, Australia, Canada, China, France, South Africa, Poland and the United Kingdom. [1] In 2017, Joy Global was acquired by Komatsu Limited [3] and was renamed Komatsu Mining Corp. [4]
In 2016, sales of services accounted for 78% of revenues, while sales of equipment accounted for 22% of revenues. [1]
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. [5] 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. [6]
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. [7] 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 handling 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. [8]
In 1994, Harnischfeger Industries, Inc. bought Joy Mining Machinery for $1 billion in stock. [9] 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. [10]
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. [11] [12]
On July 12, 2001, Joy Global Inc. became the direct successor to Harnischfeger Industries, Inc. upon emergence from the Chapter 11 financial restructuring process. [13]
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. [14]
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. [15] Later that year, Joy Global divested the LeTourneau drilling products business to Cameron International. [16]
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, [17] 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. [18]
In 2013, Edward (Ted) L. Doheny, II was named chief executive officer of the company. [19]
In 2016, the company sold a steel plate mill to Nucor for $29 million. [20] [21]
In 2017, Komatsu Limited acquired the company. [22] [23] [3]
This article may contain an excessive amount of intricate detail that may interest only a particular audience.(July 2014) |
The company marketed equipment to underground mine operations using the “Joy” products trademark. [24] Surface mining equipment is marketed using the “P&H” products trademark. [25]
Joy Global's underground business received 90% of its revenue from coal projects, [2] and from the manufacture of underground mining equipment. [26]
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. Its 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.
Coal mining is the process of extracting coal from the ground or from a mine. Coal is valued for its energy content and since the 1880s has been widely used to generate electricity. Steel and cement industries use coal as a fuel for extraction of iron from iron ore and for cement production. In the United Kingdom and South Africa, a coal mine and its structures are a colliery, a coal mine is called a "pit", and above-ground mining structures are referred to as a "pit head". In Australia, "colliery" generally refers to an underground coal mine.
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A bucket-wheel excavator (BWE) is a large heavy equipment machine used in surface mining.
Underground soft-rock mining is a group of underground mining techniques used to extract coal, oil shale, potash, and other minerals or geological materials from sedimentary ("soft") rocks. Because deposits in sedimentary rocks are commonly layered and relatively less hard, the mining methods used differ from those used to mine deposits in igneous or metamorphic rocks. Underground mining techniques also differ greatly from those of surface mining.
Marion Power Shovel Company was an American firm that designed, manufactured and sold steam shovels, power shovels, blast hole drills, excavators, and dragline excavators for use in the construction and mining industries. The company was a major supplier of steam shovels for the construction of the Panama Canal. The company also built the two crawler-transporters used by NASA for transporting the Saturn V rocket and later the Space Shuttle to their launch pads. The company's shovels played a major role in excavation for Hoover Dam, the Holland Tunnel and the extension of the Number 7 subway line to Main Street in Flushing, Queens.
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Heavy Engineering Corporation Limited or HECL is a Public Sector Undertaking (PSU) in Ranchi, Jharkhand, India. HECL was established in the year 1958 as one of the largest Integrated Engineering Complex in India. It manufactures and supplies capital equipments & machineries and renders project execution required for core sector industries. It has complete manufacturing set up starting from casting & forging, fabrication, machining, assembly and testing - all at one location, Ranchi, backed by a design - engineering and technology team.
Bucyrus-Erie was an American surface and underground mining equipment company. It was founded as Bucyrus Foundry and Manufacturing Company in Bucyrus, Ohio, in 1880. Bucyrus moved its headquarters to South Milwaukee, Wisconsin, in 1893. In 1927, Bucyrus merged with the Erie Steam Shovel Company to form Bucyrus-Erie. In 1997, it was renamed Bucyrus International, Inc. In 2010 the enterprise was purchased by Caterpillar in a US$7.6 billion transaction that closed on July 8, 2011. At the time of its acquisition, the Bucyrus product line included a range of material removal and material handling products used in both surface and underground mining.
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The following outline is provided as an overview of and topical guide to mining:
P&H Mining Equipment sells drilling and material handling machinery under the "P&H" trademark. The firm is an operating subsidiary of Joy Global Inc. In 2017 Joy Global Inc. was acquired by Komatsu Limited of Tokyo, Japan, and is now known as Komatsu Mining Corporation and operates as a subsidiary of Komatsu.
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