PEORIA, IL and OAK CREEK, WI -- Driven by a key strategic imperative to expand its leadership and support for customers in the mining industry, Caterpillar Inc. announced it has completed its acquisition of Bucyrus International, Inc. Caterpillar funded the acquisition, valued at approximately $8.8 billion (including net debt), using cash from its balance sheet and debt. The company did not issue equity to help fund the transaction.
Caterpillar Group President Steve Wunning will have executive office accountability for Caterpillar's Global Mining business, including Bucyrus."We are pleased to complete this acquisition and are proud to welcome Bucyrus employees to Caterpillar," Wunning said. "This acquisition is all about growth and unprecedented opportunities. Combined with our aggressive product development and capacity expansion plans, it will position Caterpillar to offer a broad range of surface and underground mining products and solutions to our customers," Wunning added. "The rapid development of the world's emerging markets is expected to continue to drive an increasing need for commodities as billions of people around the world seek to improve their standard of living," Wunning added.
As previously announced, the Caterpillar Global Mining headquarters will be in Oak Creek, Wisconsin and will include three mining divisions reporting to Steve Wunning. In addition, several other Caterpillar divisions will provide critical support to the mining business. These divisions include the Large Power Systems Division, Advanced Components & Systems Division, Remanufacturing & Components Division, Parts Distribution & Logistics Division and Global Purchasing Division.
