Monday, Caterpillar Inc. (CAT), a manufacturer of construction and mining equipment, diesel and natural gas engines, said it has signed a joint-venture agreement with China Yuchai International Limited (CYD) to establish a company to provide recycling services for Yuchai diesel engines and components and certain Caterpillar diesel engines and components.
The joint venture between Caterpillar unit Caterpillar (China) Investment Co., Ltd. And China Yuchai operating subsidiary Guangxi Yuchai Machinery Co., Ltd. will provide remanufactured engines and components to its customers worldwide by leveraging remanufacturing technology through Caterpillar's Remanufacturing and Sustainable Solutions Division.
Remanufacturing takes end-of-life components and transform them into like-new products through salvage technology and state-of-the-art manufacturing practices. The remanufacturing business leverages cutting-edge technology to help customers remain both competitive and profitable. It is also an environmentally friendly repair option as the process reduces waste and minimizes the need for raw materials to make new parts.
The joint venture, once approved by the applicable regulatory authority, will be the first remanufacturing joint venture for Caterpillar in China.
Through the platform of Caterpillar's global remanufacturing business and this newly formed joint venture, Caterpillar China and Yuchai will support the Chinese government's goal of achieving a sustainable economy based on industry-leading manufacturing expertise and environmentally friendly business practices.
CAT closed Monday's regular trading at $57.51 and CYD at $15.10
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