Seven Group Says WesTrac Acquires Bucyrus Units For US$400 Million
April 11 2012 - 7:33PM
Dow Jones News
Seven Group Holdings Ltd. (SVW.AU) said Thursday that its
WesTrac heavy machinery unit has agreed to buy the Bucyrus
distribution and support businesses from Caterpillar Inc. (CAT) in
several parts of Australia for about US$400 million.
WesTrac will acquire the Bucyrus units in Western Australia and
New South Wales states and in the Australian Capital Territory in a
deal to be funded via a new five-year debt facility.
Discussions are continuing with Caterpillar in relation to the
Bucyrus distribution and support businesses in the WesTrac
dealership territories in China, Seven Group said.
It said WesTrac estimates annual revenues for the Bucyrus
business to be A$600 million to A$650 million for the 2013
financial year.
-By Ross Kelly, Dow Jones Newswires; 61-2-8272-4692;
Ross.Kelly@dowjones.com
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