After completing the acquisition of Bucyrus earlier this year, Caterpillar is selling part of the former Bucyrus distribution business to the Industrial Division of Malaysian-based multinational Sime Darby Berhad.

The transaction, valued at approximately $360 million, involves the Sime Darby Industrial Cat dealerships operated by Hastings Deering in Queensland and the Northern Territory of Australia, Papua New Guinea and New Caledonia.

UK manufacturer Avingtrans has been awarded a £3 million, three-year contract to supply rigid pipe assemblies to a market leader in the provision of flight controls.

Sigma Precision Components, a unit within Avingtrans' Aerospace division, has won the contract to deliver rigid pipe assemblies to a customer supplying clients across the aerospace and defence sectors, including Boeing.

Avingtrans manufactures components and provides associated services to the medical, energy, industrial and global aerospace sectors.

US states are spending billions per year on corporate tax credits, grants and other economic development subsidies that often require little if any job creation, according to a study published today.

These are the key findings of Money for Something: Job Creation and Job Quality Standards in State Economic Development Subsidy Programs, a study published today by Good Jobs First, a non-profit research center based in Washington, DC.

Rockhopper Exploration has announced the discovery of more oil and gas in the North Falklands Basin.

The oil and gas exploration company drilled in multiple reservoir targets: Beverley, Casper South, Casper and Sea Lion Main Complex.

The positive drilling update is expected to raise estimated reserves of hydrocarbons across the four fields.

The Sea Lion discovery was the first oil to flow to surface in Falkland Islands waters, having been successfully tested during September 2010 and June 2011.

Vulcan Materials Company, the largest producer of construction aggregates in the US, has confirmed that Raleigh, North Carolina-based Martin Marietta Materials has made an unsolicited offer for the company.

Birmingham, Alabama-based Vulcan said it would “carefully review the proposal and determine the course of action that it believes is in the best interests of the company and its shareholders”.

BHP Billiton Energy Coal South Africa (BECSA) has entered into an empowerment transaction with a black-owned consortium led by Pembani Group, it announced today.

The consortium will effectively hold an eight per cent equity interest in BECSA, and also includes a Broad-Based Empowerment grouping. BECSA shareholders have also approved the implementation of an Employee Share Ownership Plan in which participating employees will hold a beneficial interest of two per cent equity in BECSA.

DTE Energy has awarded contracts worth more than $115 million to Michigan companies, as part of its Pure Michigan Business Connect Initiative commitment.

In the last six months, DTE Energy's supply chain management team has closed deals with three metropolitan Detroit renewable energy companies to provide wind and solar services.

Afferro Mining has agreed to sell its 38.5 per cent interest in its Putu iron ore project in Liberia to Russia’s second biggest steelmaker.

Severstal, one of the world’s leading vertically integrated steel and steel-related mining companies, already owns the remaining 61.5 per cent of Putu through its subsidiary, Lybica Holdings.

Afferro will receive a cash payment of $65 million on completion of the deal. It said it would use the funds from the sale to accelerate its development strategy for its 100 per cent owned Nkout iron ore project in Cameroon.

Boeing announced another major investment today in its Puget Sound site operations with the planned construction of a new, expanded Everett Delivery Center (EDC).

The EDC plays a critical role in Boeing's Everett site operations, serving as the hub for delivering 747, 767, 777 and 787 commercial airplanes.

Norwegian oil company Det norske has awarded Denmark-based Maersk Drilling with a three-year contract at its Draupne project.

Maersk Drilling is to supply the CJ-70 ultra harsh environment jack-up rig, XL Enhanced 2, presently under construction in Singapore, for development drilling on the Draupne field in the Norwegian North Sea.

The contract, awarded by Det norske on behalf of the Draupne licence, is for three years with options to extend up to seven years.

The total contract value for the three-year period is approximately $413 million.