Japanese mining equipment manufacturer Komatsu Ltd has revealed its plan to buy U.S. rival Joy Global Inc for $2.9 billion. As the biggest-ever acquisition, the deal is poised to provide a much needed boost for the mining industry.
"The mining market is near the bottom now. Now is the good time (to do the acquisition)," said Komatsu Chief Executive, Tetsuji Ohashi. "We have solid enough financial soundness to withstand a large scale acquisition."
Komatsu is one of many Japanese companies which are currently taking advantage of a stronger yen to pursue overseas deals.
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