PEORIA, Ill., April 11, 2012 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) announced today the company has reached an agreement with WesTrac Pty Limited, a wholly owned subsidiary of Seven Group Holdings Limited, to acquire from Caterpillar the distribution and support business formerly operated by Bucyrus in Western Australia, Australian Capital Territory and New South Wales. The transaction is valued at approximately USD $400 million. "We are pleased to announce this agreement with WesTrac today as we continue to make excellent progress in the transition of the product distribution and support of former Bucyrus machinery to Cat dealers around the world," said Steve Wunning, Caterpillar group president with responsibility for Resource Industries. "Through our longstanding relationship with WesTrac, we look forward to working together to deliver the best equipment solutions in the industry to our mining customers." "The acquisition of the Bucyrus distribution and support business will enhance our leading position in the supply and service of heavy equipment to the mining and construction sectors in Western Australia, Australian Capital Territory and New South Wales," said Jim Walker, chief executive of WesTrac Group. "The Bucyrus product line and large installed base are a logical addition to our current range of Cat products and will provide us with significant opportunities for future growth with our mining customers." Following completion of the acquisition, approximately 430 former Bucyrus employees and contractors are expected to transition to WesTrac. Subject to customary closing conditions, it is anticipated that the transaction will close by June 30, 2012. Discussions are continuing between the companies in relation to the former Bucyrus distribution and support businesses in the WesTrac dealership territories in North Eastern China. Caterpillar also continues to hold discussions with other Cat dealers that have mining activity in their territories and will continue to operate the former Bucyrus distribution business until the transitions have occurred in a given territory. In addition to the agreement with WesTrac, Caterpillar closed the transaction with Sime Darby Industrial in the fourth quarter of 2011 and has also announced an agreement with Finning International Inc.