Seven Groups WesTrac Agrees To Buy Bucyrus Distribution
Seven Group Holdings (SVW) is a diversified operating and investment group listed on the Australian Stock Exchange. The operating business encompasses WesTrac, a global top five Caterpillar dealership. It also is a minority holder in Seven West media and major shareholder National Hire.
Seven Groups said that its WesTrac division has agreed to buy the Bucyrus distribution and support businesses from Caterpillar in several parts of Australia for about US$400 million.
The group will purchase the Bucyrus units in Western Australia, New South Wales and the Australian Capital Territory, in a deal to be funded via a new five-year debt facility.
CEO Jim walker said “the Bucyrus product line and large installed base are a logical addition to our current range of Cat product, and will provide us with significant opportunities for future growth with our mining customers.”