Caterpillar Acquires Bucyrus
November 17, 2010
Caterpillar is fulfilling its goal of becoming a leader in the mining equipment industry with the acquisition of mining equipment manufacturer Bucyrus International.
Caterpillar CEO Doug Oberhelman says the transaction, worth $8.6 billion US, proves Caterpillar listens to its customers. “For several years, mining customers have been asking us to expand our range of products and services to better serve their increasingly complex requirements,” he said.
Dave Parker, president of Finning (Canada), notes that Bucyrus equipment is popular at mine sites around the world, and its addition to the Caterpillar line will benefit Finning customers. “It constitutes a very broad product offering for surface and underground mining,” he said, “making Finning a one-stop-shop for mining needs.”
Expected to take place in mid-2011, the closing of the transaction is subject to regulatory approvals and customary closing conditions and approval by Bucyrus stockholders. Caterpillar also intends to locate its mining business headquarters in South Milwaukee, Wisconsin, where Bucyrus headquarters is currently located.
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