Gula Skrinet AB to Acquire Caterpillar Propulsion AB
Gula Skrinet AB reached an agreement with Caterpillar Luxembourg Sarl to acquire Caterpillar Propulsion AB and its subsidiaries. The sale is expected to close on June 30, 2020. Caterpillar Propulsion AB, formerly Berg Propulsion AB, is a manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.The proposed acquisition includes Caterpillar Propulsion AB and its subsidiaries, including Caterpillar Propulsion Production AB, as well as Caterpillar Propulsion Pte. Ltd, its subsidiary Caterpillar Propulsion International Trading (Shanghai) Co.
Caterpillar Profit Dips; 2019 Outlook Cut
Caterpillar Inc reported a 13.5% fall in quarterly profit on Wednesday, hit by weak demand in its construction and resources units, and the company cut its 2019 profit forecast.Profit attributable to common stockholders fell to $1.49 billion, or $2.66 per share, in the third-quarter ended Sept.
Redzic Joins Caterpillar as Digital Enabled Solutions VP
The board of directors of Caterpillar Inc. has appointed Ogi Redzic as a vice president to lead the company’s Digital Enabled Solutions Division (DESD), effective July 30, 2018. He will be based in Caterpillar's Chicago office and report to Group President of Customer & Dealer Support Bob De Lange.DESD is comprised of the company's data analytics group, the enterprise data hub, equipment management tools, Cat Connect technologies and customer experience portals.Redzic takes over for Caterpillar Vice President Julie Lagacy, who has led DESD on an interim basis.
Caterpillar Names Bonfield CFO
Caterpillar Inc. announced today its board of directors has appointed Andrew Bonfield as chief financial officer (CFO) effective September 1, 2018. Bonfield will succeed Brad Halverson, whose retirement became effective May 4, 2018.Bonfield brings more than three decades of financial expertise to the role, most recently serving as Group CFO and board member of National Grid plc, a British multinational electricity and gas utility company.Prior to Bonfield's eight years at National Grid, he was CFO at British confectionary company Cadbury plc.
Maritime to Get Biggest Bang for VW Settlement Bucks
Imagine a settlement over falsifying emission levels in another transportation sector dropping money onto your deck. Who knew? But it’s true. The $2.9 billion settlement fund Volkswagen agreed to capitalize for distribution across all 50 states, tribal lands and Puerto Rico, as a result of “dieselgate,” its criminal dodging of required auto emission levels, presents an unparalleled opportunity to maritime companies that want to move their noxious diesel engines up a couple of EPA notches, and stick someone else with close to half the bill or more.
Caterpillar CFO to Retire in 2018
Caterpillar Inc. will begin its global, external search for a new chief financial officer after it announced that group president and CFO Brad Halverson has elected to retire in early 2018, concluding a career spanning more than three decades with the company. Halverson will continue working into early 2018 and will help ensure a smooth transition for the new CFO. Prior to becoming CFO, Halverson served two years as vice president of the Finance Services Division, and before that position, he was the corporate controller. Halverson joined Caterpillar in 1988 as an accountant.
Caterpillar CEO to Retire, Successor a Company Veteran
Caterpillar Inc insider Jim Umpleby will become chief executive of the heavy equipment maker on Jan. 1, faced with the challenge of reversing a multiyear sales decline triggered by the global commodities slump. He replaces Doug Oberhelman, who will retire as CEO on Dec. 31 but stay on as executive board chairman until March 31, the company said on Monday. Caterpillar shares were down about 0.58 percent to $87.20. Under Oberhelman the company recorded record high revenue in 2012, two years after he became CEO.
Engine Providers Power Operators' Profits
With an eye towards environmental compliance, operational efficiencies and the bottom line, the Marine News top propulsion providers touch all bases. Sitting down to select the best engine and propulsion manufacturers in the workboat marine space isn’t necessarily the easiest task in the world. Nor is it a linear exercise. On the other hand, these Marine News featured firms – Caterpillar Marine, Volvo Penta and Yanmar – all have more in common than you might think. With a laser focus on their collective customer’s bottom lines and addressing that concern through technology…
Caterpillar Names Official Dealer for Cuba
Caterpillar Inc. has named privately owned Puerto Rico-based company Rimco as the official Cat dealer for Cuba. Rimco, a longtime Cat partner, currently serves as the company’s dealer for Puerto Rico and the Eastern Caribbean. The move comes in anticipation of the U.S. lifting its embargo on trade with Cuba. Upon easing of trade restrictions, customers in Cuba will be able to purchase Cat products through Rimco in accordance with U.S. and Cuba regulations. Philip Kelliher, vice president with responsibility for the Americas & Europe Distribution Services Division…
Caterpillar Q4 Revenue Dips 23 pct
Caterpillar Inc's quarterly revenue slumped 23 percent as weak commodity prices and slowing economic growth in developing countries hit demand for its products. The world's largest construction and mining equipment maker's total sales and revenue fell to $11.03 billion in the fourth quarter ended Dec. 31, from $14.24 billion a year earlier. Caterpillar reported a quarterly loss attributable to common stockholders of $87 million, or 15 cents per share, compared with a profit of $757 million, or $1.23 per share, a year earlier.
Caterpillar May Cut up to 10,000 Jobs
Caterpillar Inc said it could cut up to 10,000 jobs through 2018 as part of its restructuring and cost reduction plans to save up to $1.5 billion annually. The company said on Thursday that it would cut 4,000-5,000 jobs by the end of 2016, most of them in 2015. Caterpillar had 114,233 employees as of Dec. 31, according to Thomson Reuters data. (Reporting by Ankit Ajmera in Bengaluru)
Caterpillar Increases Dividend Rate 10%
The board of directors of Caterpillar Inc. voted to increase the quarterly cash dividend by 10 percent to $0.77 per share of common stock, payable August 20, 2015, to stockholders of record at the close of business on July 20, 2015. "This 10 percent dividend increase is another example of our commitment to deliver superior returns to stockholders through the ups and downs of the industries we serve. Our strong balance sheet, cash flow and operational performance have put us in a position to reward stockholders with a higher dividend again this year…
Caterpillar Acquires ESRG Technologies
Caterpillar Marine has completed the acquisition of ESRG Technologies Group, LLC, a vessel monitoring and data analytics company in the marine industry. The acquisition includes ESRG’s software suite for the remote monitoring and diagnostics of more than 65 on-board systems as well as the expertise to provide meaningful recommendations to ship owners to help increase efficiency, reduce downtime on their vessels and assist shipyards in reducing warranty expenses. Headquartered in Virginia Beach…
Caterpillar Acquires ESRG Technologies Group
Caterpillar Marine has announced it has completed the acquisition of ESRG Technologies Group, LLC, a vessel monitoring and data analytics leader in the marine industry. The acquisition includes ESRG’s comprehensive software suite for the remote monitoring and diagnostics of more than 65 on-board systems as well as the expertise to provide meaningful recommendations to ship owners to help increase efficiency, reduce downtime on their vessels and assist shipyards in reducing warranty expenses.
Caterpillar to Participate in Barclays 2015
Rich Moore, Director of Investor Relations Caterpillar Inc., will speak at the Barclays 2015 Industrial Select Conference on Thursday, February 19. He is scheduled to speak at 1:20 p.m. Eastern Time. No presentation materials will be available. The event will be webcast in real-time and available to the public at http://cc.talkpoint.com/barc002/021815a_ae/?entity=2_0WE8G14. Listeners should go to the website at least 30 minutes before the live event to register and to download and install any necessary audio software.
Caterpillar: Q3 Results Show Improvement
Caterpillar Inc. today announced its third-quarter results, in which it reported profit per share of $1.63 for the third quarter of 2014, an increase from third-quarter 2013 profit per share of $1.45. The third quarter of 2014 included a negative impact of $0.09 per share for restructuring costs. Excluding restructuring costs, third-quarter 2014 profit per share was $1.72. Third-quarter 2014 sales and revenues were $13.549 billion, up from $13.423 billion in the third quarter of 2013.
Caterpillar to Acquire Berg Propulsion
Caterpillar Inc. signed a definitive agreement to acquire Johan Walter Berg AB, including its core brand of Berg Propulsion, a leading manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships. With the acquisition, Caterpillar will transition from selling only engines and generators to providing complete marine propulsion package systems. Headquartered in Öckerö Islands, Sweden, Berg has designed and manufactured heavy-duty marine thrusters and controllable pitch propellers since 1929.
Caterpillar Engines to Power Six Drillships
Caterpillar Global Petroleum to supply diesel generator sets for the drillships to be built in Brazil. The contract has been awarded by Estaleiro Enseada do Paraguaçu (EEP) for six drillships to be built at Estaleiro Enseada do Paraguaçu shipyard in the state of Bahia, Brazil, which has charter contracts with Petrobras for these vessels. Each of the six drillships will be powered by 6 x 16CM32 main diesel generator sets and the emergency power will be provided by 1 x 3516B generator set.