Canadian tunnel boring machine manufacturer Lovat has been bought by the Caterpillar, which paves the way for the plant group to expand into the tunnelling sector.
Financial terms of the deal were not disclosed.
Lovat will become part of Caterpillar’s Global Mining Division. Head of Lovat, Rick Lovat, will join the division and has responsibility for driving Caterpillar’s ambitions in the tunnelling sector.
While giving the plant group an in-road to the tunnelling sector, the acquisition affords the Lovat TBM business the benefits of Caterpillar’s purchasing power, R&D initiatives and funds, global network and experience in large-sclae manufacturing processes, the firms said in a statement.
[For further information, see the April 2008 issue of T&TI].
