Zijin Mining to take 9.9% stake in Montage Gold
As part of the deal, the Lundin Family Trust also agreed increase its stake in the company from 17.7% to 19.9%.
Caterpillar (NYSE:CAT), the world’s No.1 heavy machinery maker, will have to pay $74 million to one of its suppliers after a U.S. court found it guilty of stealing trade secrets from that company.
Following an eight-week trial in Chicago, the jury in a U.S. District Court voted in favour of Miller UK Ltd., an England-based supplier that in 2010 accused Caterpillar of misusing classified information from them to produce its own coupler, rather than buying it from Miller. Couplers are used to attach large scoops to excavators and other equipment. The Peoria-based firm denied those claims.
“We are disappointed by the jury’s verdict,” a Caterpillar spokeswoman told the Wall Street Journal. “At this point, we are considering our next steps in this litigation,” she added.
Last month, Caterpillar put another nail in the mining industry’s coffin after reporting that its sales declined again in October, marking the 35th straight month of sustained drops.
CAT’s performance is often seen as a gauge of the health of the global economy, as its machines are huge, expensive, and used in different kinds of projects to which companies and governments are only likely to commit if they’re confident in the economic outlook and their financial standing.
5 Comments
Barrie
big dissapointment if indeed Cat is guilty
George Evans
I though to Chinese were the only ones doing this sort of thing ????…at least that is the impression always given…
cholo
Anyone who has been involved in the heavy equipment industry for the last 30 to 40 years would know that Caterpillar has produced very few of the ideas used in the equipment sold under the Cat trademark. The majority of Caterpillar’s R&D is as in this case of attempted piracy or through the takeovers.
Restless Boomers
CAT should get with VW to learn more about ‘ethics’ cleansing.
Damian Morgan
Congrats Miller UK…as an aftermarket supplier our position in the market has been compromised several times as a result of OEM dictatorship. Our parts and components are equivalent if not better than the OEM and yet we get accused of infringement. I don’t believe the Miller case is an isolated one, further investigations should be carried out and i’m sure a whole can of worms will be exposed. CAT deserves to pay every cent of the $74 million…let this be a start of many more to come.
Merry Christmas!