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Industrial equipment manufacturing giant Caterpillar (CAT) said it will acquire mining equipment company Bucyrus International (BUCY) in a deal valued at approximately $8.6 billion. With this ...
In February 2010, Bucyrus International completed a US$1.3 billion acquisition of the mining equipment division of Terex Corporation, which partly sprang from O&K, including worlds largest hydraulic excavator RH 400, later produced as Cat 6090.
As a publicly traded company, Terex grew from acquisitions under the leadership of Ron DeFeo, who became president in 1993 and CEO in 1995. In 1997 Terex aquired mining business from O&K, including worlds largest hydraulic excavator RH 400, later produced as Cat 6090. [12] In 2010 Terex sold its mining business to Bucyrus. [13]
After the Bucyrus acquisition, Cat has a broader mining product range than closest competitor and mining giant Joy Global (NYS: JOY) . So it's in a good position to grab a bigger share of the ...
Caterpillar Inc. 2010-11-15. Archived (PDF) from the original on 2010-12-14 Caterpillar Inc. and bucyrus International, Inc. announced today they have entered into an agreement under which Caterpillar will acquire Bucyrus International in a transaction valued at approxijately $8.6 billion (including net debt). "Marion Acquisition"
Bucyrus was itself acquired by heavy equipment and diesel engine maker, Caterpillar, in 2011. Caterpillar's largest dragline is the 8750 with a 169-yard bucket, 435-foot boom, and 8,350 ton weight. The market for draglines began shrinking rapidly after the boom of the 1960s and 1970s which led to more mergers.
Global Industrial Technologies sold the Marion Power Shovel Company, which had revenues of US$114.4 million in FY 1996, for US$40.1 million to Bucyrus International on July 23, 1997. [12] [13] [14] Following the acquisition, Bucyrus International closed Marion Power Shovel Company's Marion, Ohio facility. [citation needed]
[citation needed] Caterpillar Inc. intends to locate the Caterpillar Mining world headquarters there after its acquisition of Bucyrus International. [citation needed] The Oak Creek Power Plant is in Oak Creek. The city also hosts a number of small companies, with interests ranging from engineering to agriculture.