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Komatsu to Merge with Joy Global

Joy Global announced on July 21 that its board of directors unanimously approved a definitive merger agreement whereby Komatsu America Corp. will acquire Joy Global in a transaction valued at about $3.7 billion. Under the terms of the agreement, Joy Global stockholders will receive $28.30 per share in cash for each outstanding share of common stock held, representing a 48 percent premium to Joy Global’s shareholders.

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New Construction Starts in June Drop 7 Percent

New construction starts in June decreased 7 percent from the previous month to a seasonally adjusted annual rate of $595.1 billion, according to Dodge Data & Analytics. The nonbuilding construction sector (public works and electric utilities) fell sharply after being lifted in May by the start of a $3.8 billion oil pipeline in the upper Midwest and seven large power plant projects totaling $4.3 billion.

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Construction Employment Stable in May

Construction employment was unchanged from May to June, but an increase in hourly pay and longer workweeks, along with shrinking numbers of unemployed construction workers, suggest contractors would hire more workers if they were available, according to an analysis by the Associated General Contractors of America. Association officials said the lack of available qualified workers for firms to hire appears to be holding back employment growth and urged Congress to pass legislation to reform and increase funding for career and technical education.

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Court Calls for Review of Decision Against Aggregate Industries

The top federal appellate court recently granted an Aggregate Industries petition for review of a National Labor Relations Board decision involving the transfer of work between Construction and Ready-Mix bargaining unit drivers represented by Teamsters, Chauffeurs, Warehousemen and Helpers Local 631, Las Vegas.

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MSHA Reports Close Call Accident

According to the Mine Safety and Health Administration (MSHA), a miner at a sand and gravel operation was recently moving an excavator from the pit to an area where the mechanic could work on a loose bucket attachment pin. As the excavator was traveling parallel to overhead 4,160-volt power lines, the pin came loose.

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