Mining solutions provider Joy Global has completed the acquisition of Letourneau Technologies for $1.1bn in cash.

Joy Global concluded the transaction with Rowan Companies, a provider of international and domestic contract drilling services.

LeTourneau is a manufacturer of large capacity wheel loaders for the surface mining market, as well as jack-up rigs and ancilliary equipment for the oil and gas drilling industries.

Joy Global CEO Michael Sutherlin said the acquisition of LeTourneau will provide two very strong business platforms to Joy Global.

“LeTourneau’s wheel loaders are the largest and most fuel efficient in the industry and their complementary application to our electric mining shovels will deliver significant synergies,” Sutherlin added.