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Caterpillar seeks Chinese mining equipment company

Thu Nov 10, 2011 6:30 PM EST
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The Associated Press, HO
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— Caterpillar Inc. says it is seeking to buy a Chinese maker of mining machinery for as much as $886 million.

Hong Kong-based ERA Mining Machinery Ltd. designs, builds, sells and supports equipment for underground coal mining in China. Caterpillar, which is based in Peoria, Ill., says expanding in the mining industry is one of its top priorities.

The deal needs the approval of China's Ministry of Commerce and other regulators.

This summer, U.S. mining equipment maker Joy Global Inc. said it wants to take majority control of China's International Mining Machinery Holdings Ltd. That deal still needs government approval.

© 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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bestquest

Maybe, maybe not! As time moves forward, we can surely expect China to concentrate on educating engineers rather than MBA's (as we should be doing) to move their society forward faster. Thsy will not always be the low cost producer and will figure out how to run capitalist banks, stock exchanges, rig markets.

Cat's diversity, ethics and high quality products do deserve study by those who wish to be successful. First, listen carefully to customers.

    Reply#1 - Thu Nov 10, 2011 8:25 PM EST
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