Joy said it will become privately owned.

Pittsburgh-based Joy Manufacturing said it agreed to be acquired by a New York investment partnership, Adler & Shaykin, specialists in leveraged buyouts, in a transaction valued at $35 per share, or $620 million. Pullman-Peabody Co., a Princeton, N.J., manufacturer that raised its hostile $31-per-share tender offer to $34 per share, had no immediate comment. Adler said it would launch its offer for 94.3% of Joy’s shares within the next few days.