LeTourneau workers might keep jobs after acquisition
by Associated Press
Published: May 18,2011
VICKSBURG — Officials say the sale of mining and oil and gas drilling equipment maker LeTourneau isn’t expected to result in job losses at its plant south of Vicksburg.
Plant manager Bo-D Massey tells The Vicksburg Post work will resume at the facility once flood waters covering the main access road recedes.
Joy Global will pay Rowan Companies $1.1 billion in cash for LeTourneau. The boards of both companies have approved the deal and if approved by regulators, it should close within 60 days, Joy said.
Massey says workers still have a rig to finish. The major job at the yard is the $150-million Joe Douglas, third in a line of 240-C class shallow water rigs built in Vicksburg.
Source: Vicksburg Post
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