HOUSTON – Cameron has agreed to acquire LeTourneau Technologies Drillings Systems and Offshore Products divisions from Joy Global Inc. for about $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 4Q 2011.
LeTourneau’s products include elevating systems, skidding systems, cranes, top drives, rotary tables, draw works, mud pumps and rig control and power systems.
Jack Moore, chairman and CEO of Cameron, said: "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."