U.S. heavy machinery maker Caterpillar Inc said it would sell a part of its Bucyrus distribution business to the industrial division of Malaysia's Sime Darby for about $360 million.The deal is the first of several that are expected to transition the product distribution and support of former Bucyrus machinery to Cat dealers that support mining customers around the world, the company said.The deal includes Sime Darby Industrial's Cat dealerships operated by Hastings Deering in Queensland and the Northern Territory of Australia, Papua New Guinea and New Caledonia, Caterpillar said.Hastings Deering is the principal Australian subsidiary of Sime Darby Industrial. As part of the deal, nearly 400 former Bucyrus employees are expected to transition to Hastings Deering, it added.
Caterpillar Inc. (Caterpillar) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Shares of CAT fell by 2.42% or $-2.26/share to $90.98. In the past year, the shares have traded as low as $67.54 and as high as $116.55. On average, 9954350 shares of CAT exchange hands on a given day and today's volume is recorded at 8465675.
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