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Associated Press
Caterpillar to Buy Wealdstone Engineering
Monday August 16, 10:55 am ET
Caterpillar Agrees to Buy Wealdstone Engineering; Terms of Deal Not Disclosed


NEW YORK (AP) -- Caterpillar Inc., a maker of construction, mining and forestry machinery, said Monday that it agreed to buy British firm Wealdstone Engineering Ltd., a private remanufacturer of gasoline and diesel engines.

Terms of the deal were not disclosed, but Caterpillar said the agreement is effective Sept. 1, subject to legal and regulatory requirements. Caterpillar said the purchase expands its remanufacturing services business, which currently has six facilities located in the United States, Mexico and Europe serving the automotive power train market.

Wealdstone Engineering, located in Rushden, England, employs more than 100 people. Its largest long-term customers are Ford Europe and the British Ministry of Defense.

Caterpillar is one of the world's largest remanufacturers, processing more than two million units annually and recycling more than 100 million pounds of used products each year. The company's remanufacturing products include on- and off-highway engines, engine components, transmissions, hydraulic components and electronic components.

Caterpillar shares were up 67 cents, or nearly 1 percent, at $72.42 in morning trading on the New York Stock Exchange.
 
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