Gulf Oil and Gas accountACCOUNT

Rowan Agrees to Sell LeTourneau Technologies, Inc.

Source: www.gulfoilandgas.com 5/16/2011, Location: North America

Rowan Companies, Inc. announced that it has entered into a share purchase agreement with Joy Global, Inc., a worldwide leader in high-productivity mining solutions, to sell all shares of common stock held by Rowan in LeTourneau Technologies, Inc. for $1.1 billion in cash. The Agreement is subject only to regulatory approval, which the Company expects to obtain within 60 days.

Matt Ralls, President and Chief Executive Officer, commented, "We are pleased to enter into this agreement with Joy to monetize our investment in LeTourneau. This transaction is consistent with our stated strategy to separate non-core businesses, and we expect that most of the after-tax proceeds, estimated at approximately $875 million, will ultimately be redeployed into our offshore drilling business, either through continued growth of our high-spec jack-up fleet or expansion into the ultra-deepwater drilling segment. "We also expect this transaction to create additional opportunities for LeTourneau and its employees, who will become part of an organization that is focused on manufacturing and will continue to encourage further innovations in both the mining equipment and drilling systems businesses. I want to personally thank the LeTourneau management team for the many organizational and operational improvements they have made in the company and their invaluable assistance in reaching an agreement with Joy. I likewise want to thank all of the LeTourneau employees for their dedication and service over the years as part of the Rowan family."

Mergers and Acquisitions News in United States >>

Saudi Arabia >>  4/21/2019 - The Saudi Arabian Oil Company (Saudi Aramco) is to acquire Shell Saudi Arabia Refining Limited’s (Shell) 50% share of the SASREF joint venture in Juba...
India >>  4/17/2019 - Saudi Aramco is in “serious discussions” to acquire a 25 percent stake in the refining and petrochemical businesses of India’s Reliance Industries, ac...

Japan >>  4/17/2019 - Reliance Ethane Holding Pte. Ltd. (“REHPL”) (incorporated in Singapore, a wholly owned subsidiary of Reliance Industries Limited (“RIL”), having 100%...
Malaysia >>  4/15/2019 - PETRONAS has entered into an agreement with I Squared Capital, a leading global infrastructure investor, to acquire 100% interest in Amplus Energy Sol...

Saudi Arabia >>  4/15/2019 - The Saudi Arabian Oil Company (Saudi Aramco) and Hyundai Heavy Industries Holdings today announced that they have reached an agreement for Saudi Aramc...
United Arab Emirates >>  4/15/2019 - Twelve Seas Investment Company (Twelve Seas) (TWLV), a company formed for the purpose of entering into a business combination, and a United Arab Emira...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


United States Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 | 51 | 52 | 53 | 54 | 55 | 56 | 57 | 58 | 59 | 60 | 61 | 62 | 63 | 64 | 65 | 66 | 67 | 68 | 69 | 70 | 71 |

More News

Related Links

CA US
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.