Caterpillar Closes Indian Buy

The engine firm will become a wholly owned subsidiary.
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Heavy machinery company

Caterpillar

(CAT) - Get Report

said Wednesday that it completed the acquisition of a former joint venture engine operation in Mathagondapalli, Hosur, India.

The joint venture, which was originally formed in 1988 as

Hindustan PowerPlus

, is now a Caterpillar wholly owned subsidiary and has been renamed

Caterpillar Power India

, the Peoria, Ill.-based company said.

"Completing this transaction will help Team Caterpillar better serve our customers who are involved in the remarkable progress that is taking place in India in the areas of infrastructure improvements and energy development," the company said. "The acquisition also aligns this operation more closely with the other power systems groups that are part of the global Caterpillar family."

The company's shares were trading up 15 cents at $61.60 in pre-market activity Thursday.

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