Caterpillar sells rubber-belted track component business
Caterpillar has agreed to sell its rubber-belted track component business to Camoplast, a Canadian maker of molded components for original equipment manufacturers and aftermarket suppliers, the Dow Jones reported. Camoplast will supply the components back to Caterpillar for use in its Mobil-trac systems, an undercarriage used primarily on agricultural tractors, combines, asphalt pavers and in specialized defense applications. Caterpillar said in a press release the rubber-belted track component business is no longer a strategic fit after the company sold its Challenger line of farm tractors in 2001. Financial terms of the deal weren’t disclosed.
NationsRent bankruptcy plan calls for group of lenders to take over
NationsRent’s bankruptcy-reorganization plan calls for a group of lenders led by a Boston investor who sold his family’s businesses to NationsRent to take over the company. If a Delaware bankruptcy court approves the plan, NationsRent will become a privately held company. Phoenix Rental Partners and the Baupost Group, both based in Boston, bought notes held by lenders to acquire majority control of NationsRent’s debt The group and other senior lenders plan to convert the debt into a 95-percent equity stake in the reorganized company. The remaining 5 percent is to be held by unsecured creditors.
Astec exits equipment financing business
Astec Industries announced the company has decided to exit its equipment financing business conducted through Astec Financial Services and is no longer entering into new equipment financing arrangements with customers. The company is in the process of negotiating to sell the current portfolio of commercial paper to unaffiliated third parties. Astec Industries is also in discussions with unaffiliated third parties to provide ongoing financing services to customers of the company’s manufacturing subsidiaries. This was the company’s practice before it formed Astec Financial Services.
PEOPLE ON THE MOVE
Terex last week appointed Art Kaplan to the newly created position of president – Terex Roadbuilding. Kaplan will be responsible for the worldwide operations of CMI Terex, including the manufacture and distribution of asphalt and concrete plants, concrete paving systems, and pavement profiling, reclaiming and stabilizing equipment. In addition, Kaplan will be responsible for the worldwide sales and service of asphalt pavers and the sales and service of Terex compaction equipment in North America. Prior to accepting this position, Kaplan was president of Dynapac, a division of Metso Minerals Industries, since 1992. He was responsible for marketing and aftermarket support for all Dynapac compaction, paving and milling products in the United States and Mexico.
Irv Levine, chairman of Multiquip, retired Dec. 19, nearly 30 years after founding the light- and medium-sized construction equipment company. “It’s been an unbelievable experience for me and one hell of a ride,” Levine said. Levine founded Multiquip in Long Beach, Calif., in 1973, establishing the company as the exclusive U.S. distributor for Mikasa compaction equipment. Today Multiquip has surpassed more than $200 million in annual sales with offices in England, Mexico, Canada and Brazil. The company supplies soil and asphalt compaction equipment; concrete placing, finishing, and cutting machines; portable power generation equipment; dewatering pumps; welders and light towers.
Cummins has named Jean Blackwell chief financial officer and chief of staff. Blackwell, 48, had been vice president, Cummins business services, and formerly served as Indiana State Budget Director. Tom Linebarger, 39, who was vice president and chief financial officer since 2000, will become president of the Cummins’ power generation business. He replaces Jack Edwards, 58, who plans to retire in June. The company also named Susan Carter vice president, finance, and chief accounting officer. Carter, 44, joined the company in March as vice president and controller after serving as vice president and chief financial officer of Honeywell International’s transportation and power systems unit. The personnel changes are effective Feb. 1.