Caterpillar to Sell Part of Bucyrus Distribution Business to Cat dealer Ferreyros
April 16, 2012
Caterpillar contact:
Jim Dugan
Corporate Public Affairs
309-494-4100
dugan_jim@cat.com
Jim Dugan
Corporate Public Affairs
309-494-4100
dugan_jim@cat.com
FOR IMMEDIATE RELEASE
Caterpillar to Sell Part of Bucyrus Distribution Business to Cat dealer Ferreyros
Transition to Ferreyros to provide broad and unmatched support to mining customers
PEORIA, Ill. – Caterpillar Inc. (NYSE: CAT) and Ferreyros S.A.A. (BVL: FerreyC1) announced today that they have reached an agreement for Ferreyros to acquire from Caterpillar the distribution and support business formerly operated by Bucyrus in Peru. After closing, Ferreyros expects to begin providing sales, service and support for former Bucyrus mining products in all of Ferreyros’ dealership territories. The transaction is valued at approximately USD $75 million.
“Our agreement with Ferreyros marks the next step in our journey to transition 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. “We’re making good progress on our journey, ensuring that wherever there is mining, Caterpillar and our dealers will be there to serve our mining customers.”
The acquired distribution and support business includes inventory in Peru as well as approximately 70 former Bucyrus employees who are expected to transition to Ferreyros upon closing of the transaction.
“This acquisition represents a unique opportunity to bring together the best products, specialists and capacities to offer our mining customers throughout Peru the broadest spectrum of solutions to increase the efficiency of their operations,” said Mariela García de Fabbri, general manager of Ferreyros. “The acquisition will allow us to better serve our customers through one contact point with the support of the Caterpillar worldwide network.”
Caterpillar continues to hold discussions with other Cat dealers that have mining activity in their territories and will continue to operate the former Bucyrus distribution business until the transitions have occurred in a given territory. In addition to the agreement with Ferreyros, Caterpillar closed the transaction with Sime Darby Industrial in the fourth quarter of 2011 and announced agreements with Finning International Inc. and WesTrac Pty Limited.
About Caterpillar:
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2011 sales and revenues of $60.138 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.
About Ferreyros:
Ferreyros is the largest distributor of capital goods and associated services in Peru. Ferreyros was founded in 1922 and has been a Cat dealer since 1942. Ferreyros also represents other renowned brands that are complementary to its Caterpillar portfolio, such as Terex, Paus, Oldenburg, Metso, Massey Ferguson, Kenworth and Iveco among others. The company directs its commercial activities toward meeting the demand and providing solutions for diverse sectors of the country’s economy, such as mining, construction, energy, industry, hydrocarbons, fishing, government, transportation and agriculture. Currently, it has operations in more than 60 locations throughout the country, with a network of branches and offices and constant on-site support. More information is available at: http://www.ferreyros.com.pe/.
Ferreyros is the largest distributor of capital goods and associated services in Peru. Ferreyros was founded in 1922 and has been a Cat dealer since 1942. Ferreyros also represents other renowned brands that are complementary to its Caterpillar portfolio, such as Terex, Paus, Oldenburg, Metso, Massey Ferguson, Kenworth and Iveco among others. The company directs its commercial activities toward meeting the demand and providing solutions for diverse sectors of the country’s economy, such as mining, construction, energy, industry, hydrocarbons, fishing, government, transportation and agriculture. Currently, it has operations in more than 60 locations throughout the country, with a network of branches and offices and constant on-site support. More information is available at: http://www.ferreyros.com.pe/.
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