The two organisations have reached an agreement over the acquisition of the business and assets of Wealdstone, which is one of Europe's leading remanufacturers of old petrol and diesel engines.
The acquisition should be effective on September 1, subject to the completion of legal and regulatory requirements.
Wealdstone is a privately held company based in the United Kingdom. Its acquisition represents an expansion of Caterpillar Remanufacturing Services, which currently has six facilities located in the United States, Mexico and Europe serving the automotive power train remanufacturing business.
Commenting on the acquisition, Caterpillar Remanufacturing Services general manager Steve Fisher said: “Wealdstone offers key attributes such as world-class remanufacturing skills, automotive industry product knowledge, and strong customer relationships.
“This acquisition is an excellent strategic fit, providing an opportunity to leverage a combination of Wealdstone and Caterpillar Remanufacturing Services' strengths to provide a portfolio of remanufacturing services to original equipment manufacturers in the automotive industry,” he added.
Services
Wealdstone Engineering employs over 100 people for a business that provides services mainly for the automotive and industrial sectors. The company has been a specialist engine recycler for motor manufacturers since 1965, with long-term customers including Ford Europe and the British Ministry of Defence.
“We are delighted to become part of the Caterpillar family,” said Tim Durdin, managing director of Wealdstone Engineering Ltd. “We look forward to growing the business, strengthening our position in this growing industry while offering a global service to our customers.”
Caterpillar Remanufacturing Services is one of the world's largest engine remanufacture businesses as part of its parent group's global sales revenues of about $22 billion a year. Worldwide, the company is responsible for processing about two million units each year, and recycling over 45,000 tonnes of engine and vehicle components each year.
Mr Fisher said the new owners of Wealdon intended to expand their client base and “serve the marketplace in an even greater capacity”.
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