Caterpillar to Sell Part of Bucyrus Distribution Business to Whayne Supply and Walker Machinery
Transition to provide broad and unmatched support to mining customers
PEORIA, Ill., Nov. 1, 2012 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT), Boyd Company LLC, owner of Whayne Supply Company (Whayne Supply), and Cecil I. Walker Machinery Co. (Walker Machinery) today announced that Whayne Supply and Walker Machinery have acquired from Caterpillar Global Mining LLC the Bucyrus equipment distribution and support business for their territories. Whayne Supply and Walker Machinery are authorized Cat dealers in Kentucky, southern Indiana, southeastern Ohio and portions of West Virginia. Boyd Company LLC has established Whayne-Walker Underground Mining as the business unit to meet the distribution and support needs for these new products.
"Caterpillar and its dealers keep customers at the forefront of everything we do and that couldn't be more true for the global mining business today," said Steve Wunning, Caterpillar group president with responsibility for Resource Industries. "We are very pleased that Whayne Supply and Walker Machinery are going to play an integral role in what we believe is a high-growth industry."
Monty Boyd, owner and CEO of Boyd Company LLC, stated, "We have been working closely with Caterpillar for several months to make this transition a success. This new business unit will be integrated into our current Whayne and Walker operations. We look forward to providing these new mining products and support in our area."
Caterpillar has announced similar transactions with other dealers over the last several months. Caterpillar 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.
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2011 sales and revenues of $60.138 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.
About Whayne Supply Company:
Whayne Supply Company and The Cat Rental Store is your dealer for Caterpillar Inc., Reedrill, Trail King, Thomas Built Buses, Challenger, Lexion, Sullair, Allmand, and other lines of construction, industrial, mining, paving and agricultural equipment. In addition to its home office in Louisville, Whayne has branches in Ashland, Bowling Green, Corbin, Dry Ridge, Hazard, Hopkinsville, Lexington, Middletown, Elizabethtown, Paducah, and Pikeville, Kentucky and Evansville and Jeffersonville, Indiana.
About Walker Machinery Company:
Walker Machinery Company and Walker Express – The Cat Rental Store is your authorized Cat dealer for most of West Virginia and southeastern Ohio. Walker sells, rents, and services the full line of Cat products through six divisions: Mining, Heavy Equipment, Material Handling, Engine, Truck, Forestry, and Building Construction. In addition to its headquarters in Belle, WV, Walker offers customers seven additional branches in Beckley, Huntington, Logan, Nitro, Parkersburg, and Summersville, West Virginia and Jackson, Ohio.
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global economic conditions and economic conditions in the industries and markets we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) our and our customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks and instability, including national or international conflicts and civil unrest; (vi) our and Cat Financial's ability to: maintain credit ratings, avoid material increases in borrowing costs, and access capital markets; (vii) the financial condition and credit worthiness of Cat Financial's customers; (viii) inability to realize expected benefits from acquisitions and divestitures, including the acquisition of Bucyrus International, Inc.; (ix) international trade and investment policies; (x) challenges related to Tier 4 emissions compliance; (xi) market acceptance of our products and services; (xii) changes in the competitive environment, including market share, pricing and geographic and product mix of sales; (xiii) successful implementation of capacity expansion projects, cost reduction initiatives and efficiency or productivity initiatives, including the Caterpillar Production System; (xiv) sourcing practices of our dealers or original equipment manufacturers; (xv) compliance with environmental laws and regulations; (xvi) alleged or actual violations of trade or anti-corruption laws and regulations; (xvii) additional tax expense or exposure; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial covenants; (xx) increased pension plan funding obligations; (xxi) union disputes or other employee relations issues; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) compliance requirements imposed if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards; (xxv) failure or breach of IT security; (xxvi) adverse effects of natural disasters; and (xxvii) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 21, 2012 for the year ended December 31, 2011. This filing is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.
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