Caterpillar Inc. said it has received final regulatory approval and completed the purchase of the remaining shares of Shandong SEM Machinery (SEM), a wheel loader manufacturer in China. Caterpillar purchased a minority stake in SEM in 2005.
In addition to SEM wheel loaders, Caterpillar said ¡°core¡± products manufactured in China include hydraulic excavators, track-type tractors, motor graders, paving products, large diesel engines used primarily for marine and power generation applications and generator sets for use in China and the Asia Pacific region. Caterpillar also manufactures components at several facilities in China.
"We are committed to bringing the greatest value possible to our SEM customers," said Tom Bluth, Caterpillar vice president with responsibility for Asia Pacific manufacturing operations. "We have already started by introducing new models of SEM products and by providing customers with the ability to finance equipment purchases through Caterpillar (China) Financial Leasing Co., Ltd."
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