May 16 Caterpillar Inc and China-based
Mining Machinery Ltd said on Thursday they have settled
outstanding issues related to Caterpillar's acquisition of
mining equipment firm ERA and its Siwei unit through a reduction
in the purchase price.
As part of the deal announced on Thursday, Caterpillar's
outstanding payment obligations to Mining Machinery were reduced
by $135 million to $29.5 million.
Caterpillar reported in January that it had found
"deliberate, multi-year, coordinated accounting misconduct" at
The world's largest maker of construction equipment had
acquired ERA for $653.4 million (HK$5.06 billion) from Mining
Machinery last June.
Siwei is China's fourth-largest maker of hydraulic roof