Monday, November 15, 2010

Caterpillar To Take Over Bucyrus Heavy Mining Equipment Builder In Wisconsin, CEO's Confirmed

Merger moves forward between Caterpillar and Bucyrus

By H. Nelson Goodson
November 15, 2010

Milwaukee, WI - On Monday, CEO's of two U.S. major mining equipment manufacturers announced a merger. Bucyrus International, Inc. has a current debt of $1 billion, which will be absorbed in the $8.6 billion deal by Caterpillar, Inc. to buy Bucyrus to compete internationally, CEO Tim Sullivan, Bucyrus and CEO Doug Oberhelman, Caterpillar announced.
Caterpillar based in Peoria, Illionis will move its mining equipment manufacturing corporate offices to South Milwaukee and will keep Bucyrus in Wisconsin, according to the deal.  The merger or buyout will be final by mid 2011, after its approved by Bucyrus share holders.
Bucyrus employs about 1,600 workers in Milwaukee, Oakcreek and South Milwaukee. With the buyout deal, Bucyrus will provide 500 more Jobs in Milwaukee County and Southeastern Wisconsin.
Caterpillar employs 93,000 workers and manufactures equipment for 180 countries. The company is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, according to its website.

Connected by MOTOBLUR™ on T-Mobile

No comments:

Post a Comment