LeTourneau assets sold for second time this year

by Associated Press

Published: September 6,2011

Tags: drilling rigs, energy, manufacturing, mergers and acquisitions, oil and gas, oil rigs

VICKSBURG — Joy Global Inc. has agreed to sell the drilling products business of LeTourneau to Cameron International Corp. for $375 million in cash.

The deal includes the operation in Vicksburg. LeTourneau’s drilling products business makes oil rig components and equipment.

The Vicksburg Post reports Joy Global, a mining services company, will retain a LeTourneau facility in Longview, Texas.

In June, Joy Global closed on a $1.1-billion deal with Houston, Texas-based Rowan Companies for all of LeTourneau’s operations.

Cameron International of Houston, Texas, is a provider of flow equipment products, systems and services to oil, gas and process industries worldwide.

The pending sale follows the departure early last week of the $150-million Joe Douglas jackup oil drilling rig from LeTourneau’s fabrication yard in Vicksburg.

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