Both have international reach, both are local, both compete in a market that shows potential for incredible global growth, and together, according to Reuters, they control approximately 80 percent of the of the mining equipment industry.
Both have international reach, both are local, both compete in a market that shows potential for incredible global growth, and together, according to Reuters, they control approximately 80 percent of the of the mining equipment industry. Yes, they both can also trace their early roots to the Milwaukee area.
Mining Leaders in Milwaukee, Part One of Two: Joy Global
Joy Global (Nasdaq: JOYG) began in Milwaukee well over a century ago. By 1884, the city was being transformed from a key trading area into a manufacturing leader to complement its Great Lakes location. Meanwhile, Alonzo Pawlig and Henry Harnischfeger founded a machine shop to supply larger manufacturing forces in the Midwest, and by 1890, they were also focused on heavy machinery, primarily cranes. Soon, the organization became known as P&H. Today, P&H Mining is a major division of Joy Global.
A Fortune 1000 company, Joy Global also has major operations in Australia, South Africa, the United Kingdom and China. In addition, the company also has smaller facilities in Russia, Poland and India. However, in the 3rd quarter of 2009, domestic sales topped international sales, 53.5 percent to 46.5 percent, as extrapolated from RTTNews. Although domestic sales are very important to the company, recent trends tip the scales slightly in the favor of international sales as momentum in this direction shifts for the company.
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