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 Siwei.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 supports.
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 0.25% or $-0.22/share to $86.78. In the past year, the shares have traded as low as $78.25 and as high as $99.70. On average, 7180660 shares of CAT exchange hands on a given day and today's volume is recorded at 8192760.
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