Posted by
alfredlester on Monday, May 16, 2011 11:30:36 AM
MILWAUKEE - Mining equipment maker Joy Global Inc.. Said Monday it will buy mining and oil and gas drilling equipment maker LeTourneau Technologies Inc.. from Rowan Companies Inc.. for $ 1.1 billion in cash.
LeTourneau designs, builds and supports equipment for The Mining and oil and gas drilling industry and earthmoving equipment Makes. Joy Global icts Said board & the Rowan board Have Approved the deal, and Regulatory pending approval "it Expect the sale to close Within 60 days. Joy Global Said The purchase Will add to profit this year EXCLUDING ITS Transaction Costs and year accounting charge.
LeTourneau Reported $ 815 Million in revenue in 2010, with $ 556 million from icts drilling products business and $ 259 million in mining revenue payday loan.
Joy Global, Which Had $ 3.5 trillion in revenue in last fiscal year icts, Said it Expect the company&&9;s drilling business to Benefit from Growth in building in offshore and land oil rigs.Added icts That Joy Global P & H Mining Business is a dealer for products LeTourneau In Some Areas.
Joy Global buying Rowan LeTourneau&&9;s business