Covington Reps Joy Global In $1.1B LeTourneau Buy

Law360, New York (May 16, 2011, 12:43 PM EDT) -- Joy Global Inc. said Monday it would be diving into the oil and gas sector with a $1.1 billion deal it struck to buy fellow mining equipment maker LeTourneau Technologies Inc. from Rowan Cos. Inc.

The addition of LeTourneau's mining products unit will amp up Joy Global's surfacing mining portfolio and its drilling products business will allow the buyer to tap into oil and gas, an area Joy Global said has "similar fundamentals and value drivers" to the surface and underground mining sectors the company currently...
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