LeTourneau operates two business segments—mining products and drilling products. The mining products business consists of large wheel loaders for surface mining, providing the industry’s largest model sizes and payload capacities. LeTourneau’s mining products business had revenue and EBITDA of $259 million and $67 million, respectively, in 2010.
LeTourneau’s drilling products business is a leading designer of offshore jack-up drilling rigs as well as a manufacturer of the primary components for these rigs. It is also a major manufacturer of drilling equipment for large land and offshore rigs and of specialty steel products. LeTourneau’s drilling products business had revenue and adjusted EBITDA of $556 million and $38 million, respectively, in 2010.
“The LeTourneau mining products business is a natural fit with our P&H business,” said Mike Sutherlin, president and CEO, JoyGlobal. It adds another solution for surface loading that complements our electric mining shovels, and gives us access to smaller and non-electrified mines. The drilling products business moves us into another area of resource extraction that has similar fundamentals and value drivers.