Porter Hedges Reps Cameron In $375M LeTourneau Deal

Law360, New York (August 31, 2011, 3:33 PM EDT) -- Cameron International Corp., an equipment supplier to the oil and gas industry, announced plans Wednesday to buy the LeTourneau Technologies drilling business from Joy Global Inc. for $375 million in cash.

LeTourneau, which mining manufacturer Joy Global bought for $1.1 billion from Rowan Companies in June, provides cranes, pumps, rig designs and other heavy machinery for oil and gas wells.

Cameron will pick up LeTourneau's drilling and offshore product divisions, along with manufacturing facilities in Houston and Vicksburg, Miss., while Joy Global will hold on to...
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