Harnischfeger > 1970s > now Joy Global oil and gas stock certificate

Description

Old Stock Yard Collectible Stock and Bond Certificates
Harnischfeger Corporation
Original stock certificate
1970s - Delaware
Currently known as Joy Global, Inc. -- Fortune 1000 company
Printed signature of Henry Harnischfeger, company president
A
ttractive certificate with beautiful vignette
Joy Global Inc. had its beginnings in 1884 in Milwaukee, Wisconsin. At the time, Milwaukee was a center of industrial machinery manufacturing at the convergence of three rivers entering Lake Michigan. Among the growing number of machinery manufacturing firms in Milwaukee in the 1870s was a struggling firm known as the Whitehill Sewing Machine Company. Alonzo Pawling and Henry Harnischfeger managed castings patternmaking and gear machining operations within the Whitehill factory. Concerned that Whitehill lacked the marketing and manufacturing discipline needed to grow, they formed a machine and pattern shop on December 1, 1884 to manufacture, assemble and service components and equipment needed by other, larger manufacturing firms in the region.
In 1887, Pawling and Harnischfeger helped rebuild and upgrade an overhead bridge crane within the foundry operations of the Edward P. Allis Manufacturing Company that had collapsed following an attempt to move a load beyond its rated lifting capacity. The rebuilt crane replaced the complex system of ropes and pulleys that failed with a simplified system of motors and gearboxes. Soon after, Pawling and Harnischfeger began building their own line of overhead cranes for manufacturing and warehouse operations.
A bank panic in 1893 caused demand to fall for the cranes designed and built by Pawling and Harnischfeger, who were referred to by customers “P&H”. The partners decided to expand their product line to include earthmoving machines in order to increase their ability to withstand the next economic downturn. That same year P&H acquired the motors and controls manufacturing assets of the Gibb Electric Company following the acquisition of Gibb by Westinghouse Electric Manufacturing Company, as Pawling and Harnischfeger wanted greater control over the application of motors applied to their crane line.
Meanwhile in Cumberland, Maryland, 12-year-old Joseph Francis Joy went to work as a slate picker in a coal mine, eventually working underground with picks, hand-held drilling augers and shovels to load coal into rail-mounted cars. By 1903, the 20-year-old was learning mechanical engineering via a mail-order course and tinkering with ideas for mechanizing the coal-mining process. Joy’s designs attracted no interest from underground coal mines at first, but the Pittsburgh Coal Company in 1916 saw the potential productivity gains that might be obtained by investing in a Joy gathering-arm type loader. Joy obtained a U.S. patent on his device in 1919 and launched Joy Mining Machinery.
In Milwaukee, Pawling & Harnischfeger became known as the Harnischfeger Corporation following the death of Alonzo Pawling in 1911.  By the mid-1920s, the firm had become a large and growing supplier of crawler-mounted shovels and cranes used in construction and mining operations. Over the ensuing decades, P&H-trademarked shovels and cranes grew in size, capacity and drives and controls technology. The firm expanded its product line with the onset of the Great Depression, adding welding machinery, diesel engines and prefabricated homes to its P&H line of shovels and cranes.
By the 1960s and 1970s, the firm had divested its welding, diesel engines, and prefabricated homes businesses in order to concentrate on construction and mining machines, overhead cranes, hoists, and material handing systems. Recessions in the 1970s and 1980s led the firm to shift its strategic focus to include pulp and papermaking machinery and systems and computer systems applied to military and aerospace systems.
By 1983, the company had evolved into a conglomerate corporation known as Harnischfeger Industries, Inc. In 1986, Harnischfeger acquired the Beloit Corporation, a pulp and papermaking firm, and Syscon Corporation, a Washington DC-based computer systems supplier.
In 1994, Harnischfeger Industries, Inc. bought Joy Mining Machinery for 0 million.  Joy was a supplier of underground mining equipment based in Franklin, Pennsylvania. Harnischfeger divested the P&H overhead cranes and hoist business in 1997. That business continues with P&H-trademarked cranes and hoists supplied and supported by Morris Material Handling Inc. based in Oak Creek, Wisconsin.
In 1997, a currency devaluation crisis in Southeast Asia led to the collapse of a major paper manufacturing business based in Indonesia and the subsequent default on numerous contracts valued in excess of US.25 billion. One of those contracts valued in excess of US0 million was held by Harnischfeger Industries’ Beloit Corporation subsidiary. As a result, Harnischfeger Industries entered Chapter 11 bankruptcy.
Joy Global Inc. became the direct successor to Harnischfeger Industries, Inc. upon emergence from the Chapter 11 financial restructuring process on July 12, 2001. Joy Global would go forward as a supplier of equipment and life cycle management service support solutions for the global mining industry through its subsidiaries, P&H Mining Equipment, concentrating on surface mining operations, and Joy Mining Machinery, focusing on underground mining operations. Profit rose to 4 million over the next six years.
(Wikipedia)
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