MINING EQUIPMENT: Finning to acquire part of Bucyrus distribution business from Cat

VANCOUVER - Finning International is to acquire from Caterpillar of Peoria, IL, the distribution and support business formerly operated by Bucyrus in parts of Western Canada, South America and the United Kingdom. The Canadian company will...

VANCOUVER - Finning International is to acquire from Caterpillar of Peoria, IL, the distribution and support business formerly operated by Bucyrus in parts of Western Canada, South America and the United Kingdom. The Canadian company will provide sales, service and support for former Bucyrus mining production in all Finning dealership territories.

The distribution and support business has current annual revenues of about US$600 million. It includes facilities and inventory primarily in South America and Canada, as well as approximately 900 former Bucyrus employees who are expected to transition to Finning upon closing of the acquisition.

The transaction is valued at US$465 million. Finning will fund the acquisition primarily by issuing U.S. and Canadian dollar term debts. Subject to customary closing conditions, it is anticipated that the transaction will close in two phases: in Finning South America and Finning U.K. and Ireland late in the first quarter of 2012, followed by Canada in the second quarter.

Please visit Finning.com for confirmation of the closings.

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