CNH Sells Tractor Operations Cat Buys The Rest Of Elphinstone Parker Buys Wynn's Manitowoc Consolidates - Brief Article
Author: Diesel Progress North American Edition

CNH Global said it has reached agreement for the sale of the New Holland Versatile, Genesis and G/70 series four-wheel and two-wheel drive tractor lines, together with the Winnipeg, Canada, plant in which they are made, to Buhler Versatile Inc., a subsidiary of Buhler Industries Inc. Financial terms were not disclosed.

Buhler will supply New Holland with the tractors until Oct. 31, 2001, and the Genesis and G/70 series tractors to markets outside of North America until Dec. 31, 2002. Buhler also will supply Winnipeg-produced replacement parts for the tractor lines to the New Holland organization on an ongoing basis. In addition, CNH reached an agreement with Buhler to manufacture New Holland's bidirectional tractor, the TV140, for exclusive distribution by New Holland. CNH retains all commercial rights to this tractor line.

Caterpillar has purchased the remaining 50 percent of Caterpillar Elphinstone Pty. Ltd., its joint venture with Dale Elphinstone in Australia, making the company a wholly owned subsidiary Cat Elphinstone produces eight models of underground mining loaders and trucks. Cat Elphinstone, Tasmania, Australia, is a leading player in the Australian market, but Caterpillar Vice President Richard A. Benson, whose division has overseen the joint venture, said the company is seeking to grow its presence in North America, Latin America, the Commonwealth of Independent States and more. The joint venture, called Caterpillar Elphinstone Pty. Ltd., was formed in 1995, a collaboration of Caterpillar and Elphinstone Pty. Ltd.

Parker Hannifin Corp. said it has entered an agreement to acquire Wynn's International in a cash tender offer with an enterprise value of approximately $497 million. Parker will also assume approximately $59 million of Wynn's debt in the transaction, which was expected to close in late July Wynn's is a manufacturer of sealing media for the automotive, heavy-duty truck, industrial and aerospace markets. Wynn's seal business units will be managed as "bolt-on" additions to Parker Seal Group divisions, Parker said.