Caterpillar acquired Bucyrus Creating Mining Equipment Company
2 August 2011
Caterpillar Inc. and Bucyrus International, Inc. entered into an agreement under which Caterpillar will acquire Bucyrus International in a transaction valued at approximately $8.6 billion (including net debt). The acquisition is based on Caterpillar’s key strategic imperative to expand its leadership in the mining equipment industry, and positions Caterpillar to capitalize on the robust long-term outlook for commodities driven by the trend of rapid growth in emerging markets which are improving infrastructure, rapidly developing urban areas and industrializing their economies.
A driving motivation for the transaction is Caterpillar’s estimate of more than $400 million in annual synergies beginning in 2015 derived from the combined financial strength and complementary product offerings of the combined mining equipment businesses. “Even today at mine sites around the world, our customers are using Bucyrus shovels to load Caterpillar mining trucks,” said Caterpillar Group President Steve Wunning. “This combination, as well as the significant expansion in products and facility capacity already announced, gives us the opportunity to expand the range of surface and underground mining products and solutions offered to customers by Caterpillar and its dealer network.”
Caterpillar intends to locate its mining business headquarters in South Milwaukee, Wisconsin, where Bucyrus headquarters is currently located. In Bulgaria Bucyrus products will be offered by Eltrak Bulgaria – the authorized dealer of Caterpillar.
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