Caterpillar Inc.—one of the most trusted names in heavy machinery and equipment—has acquired competitor Bucyrus International Inc. this Friday. The company has decided that Bucyrus equipment will now be sold under the Caterpillar brand name, with the Bucyrus brand being retired.
Founded in 1880, Bucyrus will add to Caterpillars extensive product line, giving it the widest range of mining machinery and equipment of any international manufacturer. After several months of working out the deal, Bucyrus was valued at $8.8 billion, including debt.
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Milwaukee based Bucyrus employs roughly 11,000 people worldwide and brought in revenues of $3.7 billion in 2010.
Caterpillar’s decision to drop the Bucyrus brand name came after much deliberation. "The decision to go with one brand was not taken lightly," said Rusty Dunn, a Caterpillar spokesman. "There was a lot of time and attention given to the branding decision."
Bucyrus machinery was responsible for digging out the Panama Canal, and the company has made its mark over the last century. However, with Caterpillar being the world’s best known brand, the ultimate decision to drop the Bucyrus name is not unexpected.