Caterpillar to acquire Bucyrus - WAOW - Newsline 9, Wausau News, Weather, Sports

Caterpillar to acquire Bucyrus


SOUTH MILWAUKEE (AP) -- Caterpillar's $7.6 billion acquisition of Bucyrus International seems to be good news for southeastern Wisconsin.

Bucyrus President and CEO Tim Sullivan says Caterpillar has agreed to locate its mining business headquarters in the Milwaukee area. Bucyrus is based in South Milwaukee. It makes surface mining equipment used for mining coal, copper, iron ore, oil sands and other minerals.

Caterpillar of Peoria, Ill., says it's buying the company to expand its mining business and take advantage of rapid growth in emerging markets.

Wisconsin recently gave Bucyrus $20 million in state tax credits to help it expand its operations. The company plans to use the credits to consolidate and expand its operations in nearby Oak Creek.

(Copyright 2010 by The Associated Press. All Rights Reserved.)

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