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Tag: Siwei
Business
Forbes: China will drive long term growth at Caterpillar
Despite current challenges the company is meeting in the country, Forbes.com’s Great Speculations blog says China will drive Caterpillar’s long term growth. The blog points out the high interest rates in the first half of 2012 that impacted Cat. Then there are the recently-announced steps the Chinese government is taking—such as a 20 percent capital […]
March 18, 2013
Business
Caterpillar uncovers accounting misconduct at Chinese mining unit, ousts several managers
Caterpillar announced Friday that it had uncovered a “deliberate, multi-year, coordinated” accounting scheme at Zhengzhou Siwei Mechanical & Electrical Manufacturing Co., a subsidiary of ERA Mining Machinery Limited which it purchased for $734 million last June. Cat says it was alerted to irregularities in the Chinese unit’s bookkeeping when a review of Siwei’s physical inventory […]
January 19, 2013
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