Quick Facts
FONT-SIZE Plus   Neg
Share SHARE
mail  E-MAIL

Caterpillar To Sell Part Of Bucyrus Distribution Business To Cat Dealer WesTrac

RELATED NEWS
Trade CAT now with 
4/11/2012 8:26 PM ET

Caterpillar Inc. (CAT: Quote) announced that it has reached an agreement with WesTrac Pty Limited, a wholly owned subsidiary of Seven Group Holdings Limited, to acquire from Caterpillar the distribution and support business formerly operated by Bucyrus in Western Australia, Australian Capital Territory and New South Wales. The transaction is valued at about USD $400 million.

"We are pleased to announce this agreement with WesTrac as we continue to make excellent progress in the transition of the product distribution and support of former Bucyrus machinery to Cat dealers around the world," said Steve Wunning, Caterpillar group president with responsibility for Resource Industries.

The company noted that following completion of the acquisition, about 430 former Bucyrus employees and contractors are expected to transition to WesTrac. Subject to customary closing conditions, it is anticipated that the transaction will close by June 30, 2012.

In addition to the agreement with WesTrac, Caterpillar closed the transaction with Sime Darby Industrial in the fourth quarter of 2011 and has also announced an agreement with Finning International Inc.

Register
To receive FREE breaking news email alerts for Caterpillar Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Chipmaker Advanced Micro Devices Inc. said Thursday after the markets closed that its first quarter loss narrowed from last year, helped by strong revenue growth in its graphics and visual solutions business. The company's quarterly earnings per share, excluding items, also came in above analysts' expectations as did its quarterly revenue. After trending higher over the past few sessions, stocks showed a lack of direction throughout the trading day on Thursday. The major averages spent the session bouncing back and forth across the unchanged line before ending the day mixed. While the major averages closed on opposite sides of the unchanged line, they all showed only modest moves. U.S. Secretary Of State John Kerry said Thursday that he and his counterparts from Russia, Ukraine and the European Union have reached an agreement on a preliminary plan for ending the ongoing crisis in Ukraine. Kerry was speaking at the end of the Ukraine contact group's first meeting, comprising the foreign ministers of Russia, Ukraine, the EU and the U.S., in the Swiss city of Geneva.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.