Lovat joins Caterpillar
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Lovat joins Caterpillar Apr 2008
Shani Wallis, Editor
Lovat Tunneling Inc has become part of the giant Caterpillar group.
Confirmed April 2, 2008, the development shifts significantly the status quo of the TBM manufacturing business.
The financial and logistical details of the tie-up are not revealed but Rick Lovat, President and CEO of Lovat will join Caterpillar's Global Mining Division with responsibility for growing the new tunnel boring business.
Lovat customers, it is said, will benefit from Caterpillar's global purchasing organization, its research and development initiatives, its global reach and its experience in large-scale manufacturing.
Lovat said: "Caterpillar recognized the value of our terrific people, great product and ÉpremiumÉcustomer relationships."
Caterpillar's group president Stu Levenick said that the acquisition "represents an excellent strategic fit for our companies".
The tie-up confirms that CAT has recognized the growth opportunities in the international bored tunneling industry and has made a strategic move.


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