Cameron to Acquire LeTourneau Technologies Drilling Systems and Offshore Products |
Cameron Compression Systems
16250 Port Northwest Dr.
Houston, TX, 77041
USA
 
Press release date: August 31, 2011
HOUSTON, Aug. 31, 2011 - Cameron (NYSE: CAM) has agreed to acquire LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global Inc. (NASDAQ: JOYG) for approximately $375 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 2011.
LeTourneau is a well established provider of drilling equipment and rig designs and components for both the 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. "We welcome the LeTourneau team to the Cameron family and look forward to providing our customers and theirs with a greater suite of products and services." Moore further stated that this acquisition is expected to be accretive to Cameron's 2012 earnings.
Credit Suisse Securities (USA) LLC advised Cameron in connection with the transaction. Porter Hedges LLP are serving as legal advisor.
Cameron is a leading provider of flow equipment products, systems and services to worldwide oil, gas and process industries.
Because the information herein is based solely on data currently available, it is subject to change as a result of changes in conditions over which the Company has no control or influence, and should not therefore be viewed as assurance regarding the Company's future performance. Additionally, the Company is not obligated to make public indication of such changes unless required under applicable disclosure rules and regulations.
SOURCE Cameron
Web Site: http://www.c-a-m.com
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