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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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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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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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