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.