Caterpillar has signed a definitive agreement to acquire Shandong SEM Machinery, a Chinese wheel loader manufacturer. Caterpillar says the acquisition is the latest step in a multi-year strategy introduced in 2003 to expand its presence in China. Under the agreement, Caterpillar will purchase a minority interest in SEM, with options to buy the remaining equity after two years. Caterpillar operates 10 facilities – both joint venture and wholly owned businesses – and employs approximately 2,000 people in China.
Caterpillar to buy Chinese wheel loader manufacturer
Dec 20, 2004