Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
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Caterpillar has announced that the Industrial Division of Sime Darby Berhad has acquired a portion of the former Bucyrus distribution business, which was included in Caterpillar’s purchase of Bucyrus. The transaction, valued at approximately $360 million, encompasses the Sime Darby Industrial Cat dealerships operated by Hastings Deering in Queensland and the Northern Territory of Australia, Papua New Guinea and New Caledonia. This deal marks the first of several that are expected to transition the product distribution and support of former Bucyrus machinery to independent Caterpillar dealers that support mining customers. While not part of the transaction, Caterpillar stated that it also intends to start selling former Bucyrus mining products through Sime Darby’s other Cat dealerships. (more…)
