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 Post subject: Caterpillar buys mining equipment company for 7.6 billion
PostPosted: Mon Nov 15, 2010 12:42 pm 
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Joined: Thu Jul 27, 2006 10:18 pm
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Location: NJ
http://www.foxbusiness.com/markets/2010 ... s-billion/


Caterpillar Inc. (CAT: 82.99 ,+1.96 ,+2.42%) announced plans Monday to acquire mining equipment maker Bucyrus International Inc. (BUCY: 89.78 ,+20.15 ,+28.94%) for about $7.6 billion, providing greater exposure to surging global markets for commodities at a time when the outlook for its construction machinery remains cloudy in the U.S. and other developed economies.

The company, already the world's largest manufacturer of bulldozers, excavators and wheel loaders, has longed eyed mining as a sector to expand its equipment footprint. Caterpillar dominates the market for huge dump trucks used at mine sites and Caterpillar announced plans earlier this year to begin offering its own mining shovels.

"For several years, mining customers have been asking us to expand our range of products and services to better serve their increasingly complex requirements," said Caterpillar Chairman and Chief Executive Doug Oberhelman said in a written statement Monday.

The purchase of Bucyrus is the largest deal in Caterpillar's history and the first acquisition since Oberhelman took over the leadership of the company in July. The proposed deal is scheduled close in the middle of 2011......


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PostPosted: Mon Nov 15, 2010 4:37 pm 
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Joined: Thu Jun 26, 2008 3:39 pm
Posts: 170
Location: West Virginia
WOW this is going to be BADASS! Can you imagine a CAT MINER?! Makes me Want to Call Pete right now.

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PostPosted: Mon Nov 15, 2010 5:41 pm 
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Joined: Wed Feb 20, 2008 9:04 pm
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Location: WILKES-BARRE PA
this is disgusting.....no more bucyrus name....can you see a CAT dragline?

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PostPosted: Mon Nov 15, 2010 8:18 pm 
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Joined: Tue Sep 16, 2008 6:51 pm
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Location: SW Indiana
I don't want to think about it. Bucyrus - Erie was draglines and stripping shovels. Their demise was mining has shifted to many smaller excavators.

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PostPosted: Mon Nov 15, 2010 11:38 pm 
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Joined: Sat Jan 02, 2010 7:57 pm
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Location: NEPA
It was smart planning on Cat's part. They had their eye on P&H and Bucyrus for years. Waited untill one bought Terex and then bought the whole package deal at once. We haven't seen the last of the Bucyrus name. Cat stated that they will continue to keep the Bucyrus name on "Bucyrus legacy products". At least l don't have to see the horrible Bucyrus livery painted on German shovels haha.

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