The Yankees have made the Derek Lowe signing official. Ryota Iragashi has been optioned to Triple-A. Here is the release from the Yankees:

The New York Yankees today announced they have signed right-handed pitcher Derek Lowe to a Major League contract and selected him to the 25-man active roster. Lowe is scheduled to join the team tonight and is expected to pitch out of the bullpen.

Lowe, 39, spent the beginning of the 2012 season with Cleveland, going 8-10 with a 5.52 ERA (119.0 IP, 73 ER) in 21 starts. He was designated for assignment on August 2 and released on August 10.

A two-time American League All-Star (2000, 2002), Lowe owns a career record of 174-156 with 85 saves and a 4.01 ERA (2,634.2 IP, 1,174 ER) in 655 games (377 starts) over 16 Major League seasons (1997-2012) with Seattle, Boston, Los Angeles-NL, Atlanta and Cleveland. He ranks sixth among active Major League pitchers in innings pitched and seventh in wins.

Lowe is one of just three pitchers in Major League history with at least 160 career wins and at least 80 career saves, along with John Smoltz and Dennis Eckersley. On April 27, 2002, he tossed a no-hitter with Boston vs. Tampa Bay (1 BB, 6 K).

He has made 278 career relief appearances, going 18-22 with a 2.95 ERA (381.0 IP, 125 ER) and holding opponents to a .248 batting average. In his career, Lowe has compiled a 3.54 combined ERA (825.1 IP, 325 ER) from August 1 through the end of the regular season, nearly three-quarters of a run lower than his combined ERA to start the season through July 31 (4.22, 1809.1 IP, 849 ER).

The Michigan native has spent 16 seasons in the Majors, joining Livan Hernandez (17 seasons) as the only active players with 14-or-more seasons in the Majors who've never been placed on the Major League disabled list, according to the Elias Sports Bureau.

Lowe has made 23 postseason appearances (12 starts), going 5-7 with one save and a 3.21 ERA (95.1 IP, 34 ER), winning a World Series title with the 2004 Boston Red Sox.