Bucyrus International Inc., a designer and manufacturer of mining equipment, completed its acquisition of the mining equipment business of Terex Corporation.

The transaction will position Bucyrus as the premier supplier of mining equipment, serving its customers from nearly 100 locations around the world with a team approaching 10,000 people.

“We are pleased to announce this important milestone for Bucyrus as we begin our 130th year in business. This transaction is a unique opportunity to build an even stronger company for our customers, employees, and stockholders,” said Tim Sullivan, president and chief executive officer of Bucyrus.

In connection with the acquisition, Bucyrus paid $1 billion in cash and issued to Terex 5,809,731 shares of Bucyrus common stock. The number of shares was determined by dividing $300 million by the trade weighted average share price of Bucyrus for a 10-day period prior to signing the agreement on Dec. 20, 2009. Bucyrus amended its existing credit agreement and raised additional term debt of $1 billion to fund the cash payment.

With the completion of this transaction, Bucyrus has extended the organization’s geographic footprint, diversified its product portfolio and positioned the company as a more globally competitive organization. Bucyrus doubles its addressable market from roughly $15 billion to more than $30 billion.

“This transaction is a natural extension of our current operations; we’re one company with a proud history powered by hard-working, loyal employees who are passionate about mining,” Sullivan said. “We’ve reinforced our long-held values of safety, customer focus and reliability at work.”

Bucyrus’ portfolio now consists of walking draglines, electric rope shovels, the world’s largest hydraulic excavators, off-the-highway haul trucks, highwall miners, underground longwall systems, room and pillar mining systems and transport machinery and a full line of drills and belt systems for all mining applications.

For more information, visit www.bucyrus.com

Today's top stories

Eagle Bridge Co. Works On Final Leg of U.S. 35 Upgrade

Fay Preps Way for Pittsburgh International Airport Modernization Project

Volvo CE Continues to Perform, Transform During Slower Q1 2024

American Bridge Co. Leads Conn.'s East Haddam Swing Bridge Project

Pettibone Celebrates 75th Anniversary of Cary-Lift

Common Ground Alliance Hosts Conference & Expo in Colorado On Preventing Utility Damages

Going Beyond Diversity: Star Equipment's Rental Advantage

Volvo CE Launches Updated L30, L35 Compact Wheel Loaders