Caterpillar acquires manufacturer of tunnel boring machines Lovat 
(06/06/2008)
Caterpillar Inc. and Lovat Inc. announced today that Caterpillar has acquired Lovat, a global manufacturer of tunnel boring machines used in the construction of metro, railway, road, sewer, water main, penstock, mine access, high voltage cable and telecommunications tunnels.
The financial details of the acquisition are not being released. Rick Lovat, president and chief executive officer of Lovat Inc., will join Caterpillar's Global Mining Division and will have responsibility for growing the tunnel boring business within Caterpillar.
"This acquisition is Caterpillar's entry into the rapidly expanding tunnel boring machine business, and it represents an excellent strategic fit for our companies and the customers we serve around the world," said Stu Levenick, Caterpillar group president.
"Lovat customers are already familiar with seeing Caterpillar products working as support machines at tunnel boring projects, and we intend to leverage our global business with continued investment in the Lovat product line and in the tunnel boring business," said Chris Curfman, Caterpillar vice president with responsibility for mining and underground products.
"Caterpillar recognizes the value of our terrific people, great product offerings and the premium Lovat places on customer relationships. We are honored to be part of Caterpillar," Rick Lovat said. "Just like Caterpillar's machines and engines, Lovat's tunnel boring machines have a reputation for durability, reliability and performance while working in some of the most demanding applications. Our customers should look forward to the integration of Lovat into Caterpillar," Lovat commented.
Related categories: Construction companies Drilling and Tunnelling Tunnelling and Underground
