Caterpillar Inc., Peoria, Ill., has announced a $5-billion investment in a new global mining initiative, less than two months since the equipment maker finalized on July 8 its acquisition of Bucyrus International, South Milwaukee, Wis., in a deal valued at $8.8 billion.
Historically known for its construction equipment, Bucyrus in recent decades did most of its business in the mining sector, building draglines, excavators, giant trucks and continuous miners. Caterpillar already offers a selection of surface mining equipment, and company officials say the acquisition of Bucyrus now allows Cat to offer a broad array of machines for both surface and underground mining.