Caterpillar is in the clear to acquire mining equipment manufacturer Bucyrus International, after approval Friday from the Ministry of Commerce of the People's Republic of China (MOFCOM).
The United States Department of Justice cleared the transaction in May, and the MOFCOM clearance is the last major regulatory requirement needed for the acquisition to be completed. The deal, valued at approximately $8.8 billion (including net debt), is expected to close shortly.
Bucyrus is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries.
In addition to machine manufacturing, Wisconsin-based Bucyrus manufactures high quality OE parts and provides world-class support services for its machines.
The acquisition is based on Caterpillar's key strategic imperative to expand its leadership in the mining equipment industry.
