Joy Global Inc. and Rowan Companies, Inc. Announce the Completion of LeTourneau Technologies Inc. Acquisition
MILWAUKEE--(BUSINESS WIRE)--
Joy Global Inc. ("Joy Global") (NASDAQ: JOYG), a worldwide leader in
high-productivity mining solutions, has completed the acquisition of
LeTourneau Technologies Inc. ("LeTourneau") from Rowan Companies, Inc.
("Rowan") (NYSE: RDC) for $1.1 billion in cash, subject to adjustment as
provided in the Stock Purchase Agreement dated May 13, 2011.
LeTourneau is a world leader in the manufacture of large capacity wheel
loaders for the surface mining market as well as jack-up rigs and
ancillary equipment for the oil and gas drilling industries.
Michael Sutherlin, CEO Joy Global, said, "The acquisition of LeTourneau
brings two very strong business platforms to Joy Global. LeTourneau's
wheel loaders are the largest and most fuel efficient in the industry
and their complementary application to our electric mining shovels will
deliver significant synergies. LeTourneau is also a leading brand in oil
and gas drilling rig equipment and design and this business is leveraged
to an emerging demand for higher specification rigs. We welcome the
people of LeTourneau to Joy Global, and look forward to working with
them to capture the opportunities that come with these two businesses."
Matt Ralls, President and CEO Rowan, said, "We are delighted to have
achieved this combination and are confident it will create additional
opportunities for LeTourneau and its employees. I extend my thanks and
appreciation to both the Joy Global and Rowan/LeTourneau teams who made
the transaction happen."
Joy Global is a world-wide leader in manufacturing, distributing and
servicing equipment for surface mining through P&H Mining Equipment and
underground mining through Joy Mining Machinery. For more information on
Joy Global, please visit www.joyglobal.com.
Rowan Companies, Inc. is a major provider of international and
domestic contract drilling services with a fleet of 28 jack-up rigs
located worldwide, including the Middle East, the North Sea, Trinidad,
the U.S. Gulf of Mexico and Mexico. Rowan has a leading position
in high-specification jack-up rigs, which remain in high demand. Rowan
is also entering the ultra deepwater market with high-specification
drillships with capability advantages and built-in redundancies. Rowan's
stock is traded on the New York Stock Exchange under the symbol "RDC".
For more information on Rowan, please visit www.rowancompanies.com.
JOYG-G
RDC
Joy Global Inc.
Michael S. Olsen, 414-319-8507
Executive Vice
President,
Chief Financial Officer and Treasurer
Source: Joy Global Inc.
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