US-based high productivity mining solutions provider Joy Global has entered into a definitive agreement to acquire 100% ownership interest in Rowan Companies’ Letourneau Technologies for $1.1bn in cash.

LeTourneau operates two business segments – mining products and drilling products, and manufactures large wheel loaders for surface mining.

With this acquisition, LeTourneau’s mining products business will be integrated with Joy Global’s P&H Mining Equipment business.

Joy Global president and CEO Mike Sutherlin said LeTourneau mining products will add another solution for surface loading that complements the firm’s electric mining shovels, and gives access to smaller and non-electrified mines.