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Monday, November 30, 2009
CAT Predicts Sales Rise on JCS Acquisition
FOXBusiness
Tractor and heavy equipment maker Caterpillar (CAT) said Monday that its acquisition of JCS Co., a subsidiary of South Korea-based Jinsung, will aid in a sales rise next year of 10%-25%.
The news comes after Caterpillar reported better-than-expected results in the third quarter, yet also announced an additional
2,500 job cuts on its already scheduled 31,500.
JCS produces undercarriage components for earth-moving machines as well as smaller off-road equipment.
The terms of the deal have not been disclosed.
"This strategic acquisition will improve Caterpillar's supply chain and component capacity in support of Caterpillar's long-term machine capacity expansion plans in Asia," Caterpillar said in a statement.
Shares of Caterpillar advanced 1.6% to $58.39.
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