Watch CBS News

Caterpillar Selling Distribution Business

PEORIA, Ill. (AP) - Heavy equipment maker Caterpillar Inc. has agreed to sell off a distribution and support business to a Canadian company for $465 million.

Vancouver-based Finning International will now employ about 900 workers who used to be with Bucyrus, a Milwaukee-based mining equipment manufacturer that Caterpillar acquired last year.

The (Peoria) Journal-Star reports that Finning is the world's largest Caterpillar equipment dealer.

Finning will run sales, service and support operations in South America, Canada and the United Kingdom.

Peoria-based Caterpillar currently operates the Bucyrus mining equipment factories in South Milwaukee and Milwaukee. Its mining equipment headquarters is in Oak Creek, Wis.

© 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.