TOKYO, March 1, 2012 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) today announced that Caterpillar Japan Ltd. (Caterpillar Japan) has acquired Caterpillar Tohoku Ltd. (Cat Tohoku), effective March 1. With the acquisition, Caterpillar Japan is restructuring its distribution network in Japan. This is being done to enhance service to its customers by providing them with a full range of products, services and solutions and by leveraging Caterpillar's global offerings of products and services to meet customers' business needs and contribute to their success. The acquisition of Cat Tohoku supports Caterpillar's continued focus on providing the highest quality products and services around the world and continuing to grow its business in Japan.
For more than 40 years, Cat Tohoku was independently owned and operated, establishing a solid customer base providing sales, rental, service and aftermarket support for Cat machines in the six prefectures of Aomori, Iwate, Miyagi, Akita, Yamagata and Fukushima. Combining Caterpillar's extensive experience, Cat Tohoku's strong customer base and alignment with Caterpillar's other dealers across Japan is directed at better serving the customers in the Tohoku territory, where people suffered unprecedented damage from the Great East Japan Earthquake and tsunami.
"We are very excited to welcome the approximately 400 employees of Caterpillar Tohoku Ltd. and its three subsidiaries to Caterpillar Japan," said Ali Bahaj, vice president of Caterpillar Inc. and chairman and CEO of Caterpillar Japan Ltd. "Caterpillar would like to extend our admiration and appreciation to the Caterpillar Tohoku management team and employees who have guided the business for many years, including their recent heroic efforts in support of the disaster recovery that hit the area, as valuable members of the Caterpillar family," added Bahaj.About Caterpillar:For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2011 sales and revenues of $60.138 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.caterpillar.com. Forward-Looking StatementsCertain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements. Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global economic conditions and economic conditions in the industries and markets we serve; (ii) government monetary or fiscal policies and infrastructure spending ; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) our and our customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks and instability, including national or international conflicts and civil unrest; (vi) our and Cat Financial's ability to: maintain credit ratings, avoid material increases in borrowing costs, and access capital markets; (vii) the financial condition and credit worthiness of Cat Financial's customers; (viii) inability to realize expected benefits from acquisitions and divestitures, including the acquisition of Bucyrus International, Inc.; (ix) international trade and investment policies; (x) challenges related to Tier 4 emissions compliance; (xi) market acceptance of our products and services; (xii) changes in the competitive environment, including market share, pricing and geographic and product mix of sales; (xiii) successful implementation of capacity expansion projects, cost reduction initiatives and efficiency or productivity initiatives, including the Caterpillar Production System; (xiv) sourcing practices of our dealers or original equipment manufacturers; (xv) compliance with environmental laws and regulations; (xvi) alleged or actual violations of trade or anti-corruption laws and regulations; (xvii) additional tax expense or exposure; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial covenants; (xx) increased pension plan funding obligations; (xxi) union disputes or other employee relations issues; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) compliance requirements imposed if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards; (xxv) failure or breach of IT security; (xxvi) adverse effects of natural disasters; and (xxvii) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 21, 2012 for the year ended December 31, 2011. This filing is available on our website at www.caterpillar.com/secfilings. SOURCE Caterpillar Inc.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV