Joy Global, a leading worldwide manufacturer of mining equipment, has acquired Le Tourneau Technologies from Rowan Companies for about $1.1 billion in cash.
LeTourneau is a manufacturer of large-capacity wheel loaders for the surface mining market as well as jack-up rigs and ancillary equipment for the oil and drilling industries.
“The acquisition of LeTourneau brings two very strong business platforms to Joy Global,” said Joy Global CEO 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.”
Joy Global is based in Milwaukee.