logo
Share SHARE
FONT-SIZE Plus   Neg

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

Caterpillar Inc. (CAT) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT