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

Editors Pick
Semiconductor packaging company Amkor Technology Inc. (AMKR), Monday reported a plunge in profit for the second quarter, as revenues declined and margins narrowed. The bottom line was also impacted by a debt extinguishment charge. Shares of the company fell about 14 percent in extended hours after... Hartford Financial reported a swing to profit for the second quarter, helped mainly by improved underwriting results in property and casualty business, and contribution from Talcott Resolution, while the prior year included a one-time loss from discontinued operations. Hartford's quarterly earnings easily topped Wall Street estimates... Chinese internet-search giant Baidu Inc. (BIDU), Monday reported an increase in profit for the second quarter, as revenues jumped a near 40 percent, with both earnings and revenues trumping Street estimates. However, Baidu shares plunged over 8 percent in after-hours trade on the Nasdaq, after its...
comments powered by Disqus
RELATED NEWS
Trade CAT now with 
Follow RTT