Caterpillar Inc. To Sell Part Of Bucyrus Distribution Business To Seven Group Holdings Limited's Subsidiary

Caterpillar Inc. announced it has reached an agreement with WesTrac Pty Limited, a wholly owned subsidiary of Seven Group Holdings Limited, to acquire from Caterpillar the distribution and support business formerly operated by Bucyrus in Western Australia, Australian Capital Territory and New South Wales. The transaction is valued at approximately USD400 million. Following completion of the acquisition, approximately 430 former Bucyrus employees and contractors are expected to transition to WesTrac. Subject to customary closing conditions, it is anticipated that the transaction will close by June 30, 2012. Caterpillar also continues to hold discussions with other Cat dealers that have mining activity in their territories and will continue to operate the former Bucyrus distribution business until the transitions have occurred in a given territory. In addition to the agreement with WesTrac, Caterpillar closed the transaction with Sime Darby Industrial in the fourth quarter of 2011 and has also announced an agreement with Finning International Inc.