Caterpillar, one of the world's largest construction equipment makers, said Friday that its fourth-quarter earnings rose 11percentt on strong international growth.
The Carlyle Group, the United States private equity firm, said it agreed to pay $375 million in cash to acquire majority control of the Xugong Group Construction Machinery Company, China's largest construction equipment maker.
A gloomy earnings report and outlook on Wednesday from Caterpillar, the world's largest construction equipment company, helped to pull two of the three major American indexes lower.
National Equipment Services Inc., one of the largest construction equipment rental companies in the nation, said it might file for bankruptcy after it defaulted on bank loans and was blocked from paying interest owed on $275 million in bonds.
A Caterpillar executive recently filed suit against his company (the world's largest construction equipment manufacturer), asserting that he was demoted for criticizing the company's tax minimization strategy.
Li San Yim is the chairman of Lonking Holdings, one of China's largest construction equipment suppliers.
In January 2012, China's largest construction equipment group, Sany Heavy Industry, agreed to buy a 90% stake in German industrial firm Putzmeister for 324m euro, its first overseas acquisition.
