TOKYO, Japan -- Caterpillar is now the sole owner of a former joint business venture with Mitsubishi Heavy Industries, Ltd.
The two companies established 50-50 joint venture called Caterpillar Mitsubishi 45 years ago. Now, the business -- Caterpillar Japan Ltd. -- has been handed over completely to Caterpillar.
"We have enjoyed a long and successful partnership with Mitsubishi Heavy Industries, which has in turn benefited our customers in the region who have relied on our machines to help make sustainable progress possible, and we are sure that our friendly relations will continue," said Rich Lavin, Caterpillar group president with responsibility for Construction Industries & Growth Markets.
Lavin explained the decision to make Caterpillar Japan Ltd. a 100 percent owned subsidary of Caterpillar supports the company's strategic focus on competing in the region.
The estimated value of the business transaction is approximated at 36.5 billion JPY.
For more information, please visit www.caterpillar.com.