Cat Dealer to Acquire Portion of Bucyrus From Caterpillar

By Katie Parr

Cat Dealer to Acquire Portion of Bucyrus From Caterpillar

January 20, 2012 Updated Jan 20, 2012 at 2:33 PM CDT

VANCOUVER, B.C. AND PEORIA, Ill. -- A Caterpillar equipment dealer will acquire a portion of the Bucyrus Distribution Business from Caterpillar.

On Wednesday, Finning International Inc. and Caterpillar reached an agreement for Finning to take over distribution and support business, formerly operated by Bucyrus. Finning will take over parts of the business located in portions of South America, Western Canada and in the United Kingdom.

"We're making good progress as we transition the 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. "Finning and Caterpillar have shared a longstanding relationship for close to 80 years, and we look forward to realizing the growth opportunities created by this agreement."

The transaction is valued at approximately $465 million USD.