Cameron To Acquire Divisions From Joy Global
Cameron has agreed to acquire LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global Inc. for US$375 million (€260.9 million) in cash. The boards of Cameron and Joy Global Inc. have unanimously approved the transaction, which is subject to customary closing conditions. Closing is scheduled during the 4th quarter of this year.
LeTourneau is provider of drilling equipment and rig designs and components for land and offshore rig markets. LeTourneau’s products include elevating systems, skidding systems, cranes, top drives, rotary tables, draw works, mud pumps and rig control and power systems.
“The addition of LeTourneau’s portfolio of drilling equipment and rig components adds to our existing products offering and enhances the growth opportunities for our drilling systems platform”, said Jack Moore, chairman and CEO of Cameron, adding that this acquisition is expected to be accretive to Cameron’s 2012 earnings.
For more information: www.c-a-m.com