Cat announces further sales of Bucyrus holdings

By WEEK Reporter

Cat announces further sales of Bucyrus holdings

April 16, 2012 Updated Apr 16, 2012 at 1:30 PM CDT

PEORIA, Ill -- Caterpillar, Inc. announced Monday that it is selling its Bucyrus distribution and support business in Peru to Ferreyros S.A.A.  The transaction is valued at approximately $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.

The acquired distribution and support business includes inventory as well as about 70 former Bucyrus employees who are expected to transition to Ferreyros when the deal is finalized.

Caterpillar is still operating the other Bucyrus facilities until a buyer can be found.  Cat has already sold Buccyrus holdings to WesTrac Pty Limited, Sime Darby Industrial and Finning International Inc.