Caterpillar Inc. has been given notification that the European Commission (EC) has approved Caterpillar’s acquisition of MWM Holding GmbH (MWM) from 3i and funds managed by 3i. With the acquisition of MWM, a world-known global supplier of sustainable, natural gas and alternative-fuel engines, Caterpillar will considerably extend customer options for sustainable power generation solutions.
“We are pleased with this decision from the EC,” said Caterpillar Chairman and CEO Doug Oberhelman. “The MWM business is a natural complement to our longstanding diesel and gas powered generation business, and the integration of MWM will result in important synergies leveraging the two companies’ existing product ranges,advanced engine technologies, research and development resources, manufacturing, distribution and customer support capabilities,” Oberhelman added.
The EC clearance is the last major regulatory requirement needed for the acquisition to be completed, and the transaction is expected to close before year end. The transaction is valued at €580 million (approximately $800 million) and will be paid in cash.
MWM draws on more than 135 years of experience in the development and optimization of combustion engines for natural gas, special gases and diesel. MWM will become part of Caterpillar’s Electric Power Division, which supplies natural gas and diesel generator sets and integrated power systems involved in the generation, control and supply of electricity.
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2010 sales and revenues of $42.588 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services.
