Caterpillar, the world’s biggest maker of earthmoving equipment, has strengthened its presence in the mining machinery market by striking an $886m deal to buy ERA Mining Machinery, a Chinese manufacturer of underground coal-mining equipment.
The proposed acquisition builds on Caterpillar’ $7.6bn purchase last year of Bucyrus International, another maker of mining machinery. That deal transformed the company into the world’s biggest supplier of large mining equipment.
Doug Oberhelman, Caterpillar chief executive, has identified the mining industry as a key area of expansion.
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