Caterpillar to Expand Remanufacturing Business With Acquisition of Certain Gremada Industries, Inc. Assets
PEORIA, Ill. – Caterpillar Inc. (NYSE: CAT) and Gremada Industries, Inc. announced today that Caterpillar will acquire certain assets of Gremada Industries. The acquisition agreement was signed on June 15, 2008, and the deal is expected to close upon completion of legal and regulatory requirements.
Gremada Industries is a leader in the processes of remanufacturing and reclaiming metal parts and components used in transmissions, torque converters and final drives. Gremada provides service support for off-highway equipment used in the mining and petroleum industries, and it has extensive experience providing remanufacturing expertise for equipment used for petroleum drilling applications.
"With Caterpillar's leadership and extensive experience in the remanufacturing, mining and petroleum industries, this acquisition is an ideal strategic fit for our continued growth in our services businesses," said Steve Fisher, Caterpillar vice president with responsibility for remanufacturing. "By adding Gremada, we will increase our overall product and service offerings for our existing customers while providing a platform for future growth opportunities for Cat Reman. Our competencies of core management and salvage technology, leveraged with Gremada's process efficiency and remanufacturing expertise, positions us well for future growth."…more at Cat.com
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