Joy Global Inc. Announces Completion of Transaction to Sell Drilling Products Business
MILWAUKEE--(BUSINESS WIRE)--
Joy Global Inc. (NASDAQ: JOYG) ("Joy Global"), a worldwide leader
in high-productivity mining solutions, today announced that it has
completed the transaction to sell the drilling products business of its
LeTourneau Technologies Inc. ("LeTourneau") business to Cameron
International Corporation ("Cameron") (NYSE: CAM) for $375 million in
cash, subject to certain post-closing adjustments.
Bank of America Merrill Lynch served as exclusive financial advisor to
Joy Global on this transaction. Covington & Burling LLP served as legal
advisor.
About Joy Global
Joy Global Inc. is a worldwide leader in manufacturing, servicing and
distributing equipment for surface mining through P&H Mining Equipment
and underground mining through Joy Mining Machinery.
JOYG-G
Joy Global Inc.
Michael S. Olsen
Executive Vice President and
Chief
Financial Officer
+1 414-319-8507
Source: Joy Global Inc.
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