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
Fast-food giant McDonald's plans to offer big discounts on its sodas and coffee, aiming to meet the declining customer visits, Bloomberg reported Wednesday. The company is likely to offer $1 sodas of any size for a limited time starting in April across the U.S. Further, McCafe specialty drinks, which normally range from $2.69 and $4, will be sold for $2 for a limited time. Electric car maker Tesla Motors Inc. (TSLA), Wednesday reported a loss for the fourth quarter that was narrower than last year. The company said it expects to start volume production of Model 3 by September. Palo Alto, California-based Tesla reported fourth-quarter loss of $121.3 million or $0.78... Canada based Maple Leaf Foods Inc. Wednesday said it has reached a definitive agreement with Brynwood Partner VI L.P. for the acquisition of Lightlife Foods Inc. The deal would be worth $140 million plus other costs. Light is a brand in U.S. for refrigerated plant based protein foods.
comments powered by Disqus
Follow RTT