Breaking News Bar
updated: 5/17/2013 7:36 AM

Caterpillar obligations cut by $135 million in era settlement

hello
Success - Article sent! close
  • Caterpillar Inc., the world's largest maker of construction and mining equipment, had its obligations cut by $135 million as part of a settlement reached relating to its purchase of ERA Mining Machinery Ltd.

      Caterpillar Inc., the world's largest maker of construction and mining equipment, had its obligations cut by $135 million as part of a settlement reached relating to its purchase of ERA Mining Machinery Ltd.

 
Bloomberg News

Caterpillar Inc., the world's largest maker of construction and mining equipment, had its obligations cut by $135 million as part of a settlement reached relating to its purchase of ERA Mining Machinery Ltd.

The company resolved all outstanding issues with Mining Machinery Ltd. arising from the purchase of ERA, Peoria, -based Caterpillar said in a statement. Caterpillar's outstanding obligations to the MML parties were cut to $29.5 million, from $164.5 million, as part of the resolution, it said.

Order Reprint Print Article
 
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.
Need more information about reprints? Visit our Reprints Section for more details.

Contact information ( * required )

Success - request sent close

Caterpillar said Jan. 18 it would take a $580 million writedown after discovering accounting "misconduct" at a Chinese unit acquired last year. The company bought ERA for HK$6.15 billion ($792 million) and the discrepancy was uncovered at ERA's Zhengzhou Siwei Mechanical & Electrical Manufacturing Co. unit, which manufactures coal-mining equipment.

The settlement agreement was reached with former ERA directors Emory Williams and John Lee, Mining Machinery and James Thompson III, Caterpillar said.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.
    help here