Bucyrus International has acquired Terex’s mining equipment business, making it the world’s “premier supplier of mining equipment.”
The company paid US$1 billion (A$1.12 billion) and issued more than 5.8 million shares to Terex in order to complete the transaction.
“We are pleased to announce this important milestone for Bucyrus as we begin our 130th year in business,” said Bucyrus president Tim Sullivan said.
“This transaction is a unique opportunity to build an even stronger company for our customers, employees, and stockholders.”
With the completion of the acquisition, Bucyrus said it had extended its geographic footprint, diversified its product portfolio and positioned itself as a more globally competitive organisation.
The move doubles the company’s addressable market from roughly US$15 billion (A$16.6 billion) to more than US$30 billion (A$33.3 billion).
Bucyrus’ portfolio now consists of walking draglines, electric rope shovels, hydraulic excavators, off-highway haul trucks, highwall miners, underground longwall systems and room and pillar mining systems.
The company also supplies transport machinery and a full line of drills and belt systems for all mining applications.