Clearlease.com: Caterpillar (NYSE:CAT) completed the biggest deal ever in its history, namely the $8.8 billion buyout of Bucyrus International Inc.
(M2 PressWIRE Via Acquire Media NewsEdge) VANCOUVER, BC -- Dominion Lending Centres Clearlease Reports Heavy Equipment manufacturer, Caterpillar (NYSE:CAT) completed the biggest deal ever in its history, namely the $8.8 billion buyout of Bucyrus International Inc July 12, 2011.
The deal capitalizes on the rising demand for coal and minerals triggered by growth in emerging nations.
In November last year, Caterpillar announced its intention to acquire Bucyrus, a South Milwaukee-based manufacturer of surface and underground mining equipment.
Caterpillar funded the $8.8 billion (including debt) acquisition through a combination of cash on its balance sheet and debt. The company issued $4.5 billion of new debt on May 24, 2011 at historically low rates. Caterpillar did not issue equity for the acquisition.
The combined portfolio broadens Caterpillar's mining equipment product line, resulting in the most expansive product offering in the mining equipment industry. Caterpillar expects the deal to be accretive to its profit in the first full year, excluding 50 cents per share of one-time charges.
Synergies expected from the deal include: Caterpillar remanufacturing products and services for Bucyrus equipment; sales and support from Caterpillar's existing dealer network; use of Caterpillar's engines and components in Bucyrus products; and cost efficiencies in purchasing, engineering and deployment of manufacturing best practices. In quantitative terms, synergy benefits are expected to noticeably add to operating profit in 2013 and exceed $400 million in 2015.
Caterpillar is riding the wave of heightened construction and mining activity in the developing markets, triggered by the demand for coal, copper and iron ore. The company expects demand to continue expanding over the next decade.
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives worldwide. It operates through three lines of businesses: Machinery, Engines, and Financial Products. The Machinery business offers construction, mining, and forestry machinery, including track and wheel tractors, track and wheel loaders, pipelayers, motor graders, wheel tractor-scrapers, track and wheel excavators, backhoe loaders, log skidders, log loaders, off-highway trucks, articulated trucks, paving products, skid steer loaders, underground mining equipment, tunnel boring equipment, and related parts. It also manufactures diesel-electric locomotives; and manufactures and services rail-related products and logistics services for other companies.
The Engines business provides diesel, heavy fuel, and natural gas reciprocating engines for Caterpillar machinery, electric power generation systems, marine, petroleum, construction, industrial, agricultural, and other applications. It offers industrial turbines and turbine-related services for oil and gas, and power generation applications. This business also remanufactures Caterpillar engines, machines, and engine components; and offers remanufacturing services for other companies. The Financial Products business provides retail and wholesale financing alternatives for Caterpillar machinery and engines, solar gas turbines, and other equipment and marine vessels, as well as offers loans and various forms of insurance to customers and dealers. It also offers financing for vehicles, power generation facilities, and marine vessels. The company markets its products directly, as well as through its distribution centers, dealers, and distributors. It was formerly known as Caterpillar Tractor Co. and changed its name to Caterpillar Inc. in 1986. Caterpillar Inc. was founded in 1925 and is headquartered in Peoria, Illinois.
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