October 16, 2021

Komatsu sells US and Australian shipping companies to investment company Stellex Capital

Komatsu has signed an agreement to sell its US and Australian transportation businesses to Stellex Capital. This is stated in a message from Komatsu

The sale will include shares in Joy Global Conveyors Inc. and the assets of the Australian transportation company Komatsu, which include assets, premises (in Winfield, Alabama, USA and Somersby, NSW, Australia) and employee transfers. Together they will form a new autonomous organization owned by Stellex Capital to be called Continental Global Material Handling LLC. The new venture plans to use legacy equipment brands Continental and Goodman-Hewitt, both of which are involved in the deal.

Komatsu Limited is a Japanese engineering company. The headquarters is in Tokyo. Komatsu Ltd was founded in 1921 by Meitaro Takeuchi and was originally a construction workshop. This happened as a result of the separation of the Komatsu Iron works Division (which produced coal and mining equipment), created in 1917, from Takeuchi Mining Co. In addition, the company’s scope of activities includes construction, real estate and cargo transportation.