Caterpillar Inc. plans to close three
hydraulic component production facilities in Illinois — one in Dixon and two
in Sterling — affecting about 170 jobs.
Production will move to a similar facility in Michigan. The three plants are all
Anchor Coupling operations — a wholly
owned subsidiary of Caterpillar — that
manufacture or distribute hydraulic hose
assemblies for Caterpillar and other
equipment manufacturers. The work will
be moved to an existing site in Menominee, Mich. Production at the Illinois
plants will be slowed during the fourth
quarter this year, and complete the consolidation in the first quarter of 2015, the
Trimble has acquired Mining Information Systems (MIS), Perth, Australia. No financial details were provided.
Trimble said the acquisition adds en-terprise-level information management
capabilities to Trimble’s portfolio of mining solutions. MIS provides information
systems for data required for enterprise-wide monitoring and management of
mining and ore processing operations.
American Securities LLC, a New
York-headquartered private equity firm,
announced its acquisition of Grede
Holdings LLC in partnership with the
company’s management team. Grede,
a manufacturer of cast, machined and
assembled components for transportation and industrial markets, had been
majority owned by a private investment
fund managed by Wayzata Investment
Partners LLC. Financial terms of the
transaction were not disclosed.
Detroit Diesel Corp. has announced
the development of a new integrated
powertrain incorporating the company’s
own engines, transmissions and axles. The Detroit Powertrain will include
the Detroit DD15 engine, Detroit DT12
transmission and Detroit axles, and will
be available starting in January 2015 for
the Freightliner Cascadia Evolution and
later in 2015 for the new Western Star
5700, the company said.
A number of previously announced in-
dustry acquisitions have recently closed.
They include the following:
• Completing a deal first announced in
early December, Terex Corp. said it
has completed the sale of its truck
business to Volvo Construction
Equipment for a purchase price
of $160 million. The truck business
manufactures and sells off-highway
rigid and articulated haul trucks.
Included in the transaction is the
manufacturing facility in Motherwell, Scotland and a share of Inner
Mongolia North Hauler Joint Stock
Co. (NHL), which manufactures and
sells rigid haulers under the Terex
brand in China, as well as distribution of haulers in the U.S. and intellectual property.
• Joy Global Inc. closed on its purchase of certain assets of Mining
Technologies International Inc.
(MTI). MTI is a Canadian manufacturer of underground hard rock mining
equipment and is a supplier of raise
bore drilling consumables. Joy has
acquired substantially all of the assets associated with MTI’s hard rock
drilling, loaders, dump trucks, shaft
sinking, and raise bore product lines.
• Deere & Co. substantially completed
the sale of its irrigation operations
pending certain regulatory approvals. In February, Deere reported it
had reached a definitive agreement
to sell the John Deere Water operations to FIMI Opportunity Funds, a
private equity firm in Israel. Terms of
the transaction were not made public.
• Alamo Group Inc. announced it
completed its acquisition of the
operating units of Specialized Industries LP. This includes: Super
Products, a manufacturer of vacuum trucks and related equipment;
Wausau-Everest a manufacturer
of snow removal equipment; and
Howard P. Fairfield a New England
• John Deere has announced an alliance with Dawn Equipment Co.
Inc., Sycamore, Ill., a manufacturer
of ground engaging tools and active control systems for planters, including hydraulic-controlled, down-force systems, row cleaners, and
closing wheels for planters.
AGCO has agreed to acquire
Intersystems Holdings Inc., Omaha, Neb.,
and its subsidiary Intersystems, subject
to certain regulatory approvals. No financial details were provided. Intersystems is a manufacturer of commercial
material handling solutions sold to grain
Owner Resource Group LLC announced it has partnered with management to acquire a majority interest
in Precision Hydraulic Cylinders
Inc. (PHC), Wilmington, NC. PHC
is a manufacturer of custom hydraulic cylinders for original equipment
manufacturers in material handling,
transportation, construction, and aerial work platform equipment. Terms
were not disclosed. Owner Resource
Group, Austin, Texas, is a private
investment firm. dp
BUSINESS NEWS, TURN TO
DIESEL PROGRESS ONLINE.
Cat Closing Three Plants … Trimble Adds
Mining Info Company … Grede Sold …
Numerous Deals Completed …
GLOBAL BUSINESS NOTES
64 DIESEL PROGRESS NORTH AMERICAN EDITION July 2014