Here's Why Caterpillar Is Restructuring Its Mining Business
Caterpillar announced a major restructuring of its mining business on Friday, even though commodities have rebounded from their rout earlier this year.
Caterpillar (CAT) - Get Report announced a major restructuring of its mining business on Friday, even though commodities have rebounded from their rout earlier this year. 'This is a business that has been really struggling,' said Lou Whiteman, a senior writer with The Deal. Some of the company's coal units were tied to a 2010 acquisition of Bucyrus International. 'This is the classic case of buying at the top,' Whiteman said. Shares gained 0.3 percent following the news. TheStreet's Scott Gamm reports from Wall Street.
