Joy Mining to Buy Letourneau
- Details
Joy Global has agreed to buy LeTourneau Technologies from Rowan Companies for $1 billion in cash.
LeTourneau produces earthmoving equipment for surface mining and makes drilling equipment for the mining, oil and gas sectors. The company is a top manufacturer of large-wheel loaders, and boasts the industry's largest model sizes and payload capacities, according to Joy. It is the only manufacturer of electric drive loaders.
LeTourneau's mining and drilling units had 2010 revenue of $259-million and $556-million respectively.
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