South Milwaukee just became the epicenter of the mining equipment business.
Bucyrus International has announced a major acquisition — a $1.3 billion dollar deal with Terex Corporation that will make it the world’s largest mining equipment manufacturer and perhaps bring 500 new jobs to our city.
From the Journal Sentinel story:
South Milwaukee-based Bucyrus said it is acquiring the mining division of Terex Corp. in a move that could double the size of Bucyrus’s market from roughly $15 billion to more than $30 billion a year in potential equipment sales. Combined, the two companies would have about 10,000 employees in 100 locations. As a result of the acquisition, Bucyrus plans to add manufacturing and office jobs in South Milwaukee, where both the Bucyrus and Terex product lines will be managed.
“We plan to continue having our worldwide headquarters here,” Bucyrus CEO Tim Sullivan said in a Journal Sentinel interview.
Said Sullivan in a press release: “We are extremely excited about acquiring Terex Mining and we believe that this is a unique opportunity to build an even stronger company for our customers, employees and shareholders.”
And a stronger company for South Milwaukee. What a big win for our city.
“This is a big story for Milwaukee, and it’s a huge story for our industry worldwide,” Sullivan told the Journal Sentinel. “It changes the competitive landscape completely.”
Look for more details after a Bucyrus conference call on Monday. You can read the Journal Sentinel story here and see the entire press release here.
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