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Caterpillar entered into an agreement with Exodus Machines for the design and supply of material handlers to be sold and supported exclusively by Cat dealers. These Exodus machines will be available immediately in North America and will complement Caterpillar’s current line of wheel and track material handlers greater than 25 metric tons. The handlers will initially carry the Exodus brand name but will transition to the Cat brand in 2013.
The alliance agreement follows Caterpillar’s formation of a strategic business unit, the Caterpillar Industrial & Waste Group. The group is part of the Diversified Products Division, led by Bill Springer, vice president of Caterpillar.
In support of the alliance agreement, Caterpillar acquired a minority equity interest in a new entity, Exodus Machines, LLC, formed by Exodus. Exodus is based in Superior, Wisconsin, and plans to expand manufacturing and is working to secure working capital and capital funding, developing plant layouts, assessing building sites and estimating needs for new employees.