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Article: Caterpillar Inc. and Terex Corporation Announce Intent to Realign Caterpillar's Mining Shovel Business and Terex's Mining Truck Business.
- Article from:
- Business Wire
- Article date:
- July 1, 2003
CopyrightCOPYRIGHT 2003 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Business Editors
PEORIA, Ill. & WESTPORT, Conn.--(BUSINESS WIRE)--July 1, 2003
Caterpillar Inc. (NYSE: CAT) and Terex Corporation (NYSE: TEX) announced that they have reached a non-binding agreement in principle for Caterpillar to acquire Terex's worldwide electric drive mining truck business, and for Terex to acquire Caterpillar's 5000-Series mining shovel intellectual property.
Their respective Boards of Directors have authorized commencement of due diligence and the negotiation of a definitive agreement.
Caterpillar will acquire Terex's eight-model line of DC and AC electric drive mining trucks. The trucks will continue to be sold ...