Japan's Hitachi Construction offers $529m to buy Australian parts maker Bradken

Japan's Hitachi Construction offers $529m to buy Australian parts maker Bradken

A second Japanese mining equipment maker is positioning itself for a recovery in commodities, after Hitachi Construction Machinery Co. followed its larger competitor Komatsu Ltd. in announcing what would be its biggest-ever acquisition.

Hitachi Construction, the world’s top maker of giant excavators, has offered A$689 million ($529 million) to buy Australian component maker Bradken Ltd. In July, Komatsu agreed to purchase U.S.-based rival Joy Global Inc. for a record $2.89 billion, signaling its optimism that demand for diggers and loaders will rebound after years of declining commodity prices.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter