Joy Global completes sale of drilling products business for $375 million

Milwaukee-based Joy Global Inc. announced that it has the sale of the drilling products business of its Houston-based LeTourneau Technologies Inc. business to Houston-based Cameron International Corp. for $375 million.
Joy Global acquired LeTourneau earlier this year from Houston-based Rowan Companies Inc. for $1.1 billion. 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.
Bank of America Merrill Lynch served as exclusive financial advisor to Joy Global on this transaction. Covington & Burling LLP served as legal advisor.
Joy Global Inc. is a manufacturer of manufacturing, servicing and distributing equipment for surface mining through P&H Mining Equipment and underground mining through Joy Mining Machinery.