HOUSTON -- Rowan has decided to pursue a monetization of its wholly-owned manufacturing subsidiary, LeTourneau Technologies. Rowan will be assisted by its financial advisors, Lehman Brothers and Morgan Stanley & Co.
"LTI's leading market positions in its operating segments have enabled it to generate significant returns for Rowan over time," says Daniel F. McNease, chairman and CEO of Rowan. "Given LTI's record performance in 2007 and strength heading into 2008, we believe that now is the appropriate time for Rowan to crystallize the value we have created in LTI for the benefit of our stockholders."
The company does not expect to disclose further developments regarding the process until the completion of a review and decision by the board of directors regarding a transaction or course of action.