Caterpillar completes acquisition of Bucyrus

Caterpillar Inc. announced it has completed its acquisition of Bucyrus International Inc.
Bucyrus became the second publicly traded Milwaukee-area company to be acquired. Earlier, BMO Financial Group acquired Milwaukee-based Marshall & Ilsley Corp.
Caterpillar funded the Bucyrus 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.
The Caterpillar Global Mining headquarters will be in Oak Creek and will include three mining divisions reporting to Wunning.
"We are pleased to complete this acquisition and are proud to welcome Bucyrus employees to Caterpillar," Wunning said. "We are bringing together the best people, the best products and the best facilities from both companies. 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.”
The Bucyrus brand will be absorbed into the Caterpillar brand.
"As we examined this issue, it became clear it would be in the best long-term interests of our business to have a single brand for our mining customers, and that brand will be Caterpillar," Wunning said. "This decision is important to quickly bring together one team with a single face to our customers. The decision was endorsed by the Bucyrus board of directors, and we will begin to transition Bucyrus products to the Caterpillar brand in a quick and orderly fashion."