Joy Global completes $1.1 billion acquisition of LeTourneau

Milwaukee-based mining equipment manufacturer Joy Global Inc. announced that it has completed its acquisition of Houston-based LeTourneau Technologies Inc. from Houston-based Rowan Companies Inc.
LeTourneau manufactures 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.
“The acquisition of LeTourneau brings two very strong business platforms to Joy Global,” said Joy Global chief executive officer Michael Sutherlin. “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.”
Joy Global manufactures, distributes and services surface mining equipment through its P&H Mining Equipment and Joy Mining Machinery division.