The following is the text of a press release issued by Caterpillar Inc.:
PEORIA, Ill. – Caterpillar Inc. (NYSE: CAT) has signed a definitive agreement to acquire Johan Walter Berg AB, including its core brand of Berg Propulsion, a leading manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships. With the acquisition, Caterpillar will transition from selling only engines and generators to providing complete marine propulsion package systems.
Headquartered in Öckerö Islands, Sweden, Berg has designed and manufactured heavy-duty marine thrusters and controllable pitch propellers since 1929. Its proprietary systems are employed in maritime applications throughout the world that require precise maneuvering and positioning.
“Berg is one of the most highly regarded brands in the marine industry,” said Tom Frake, Caterpillar vice president with responsibility for the Marine and Petroleum Power Division. “Our team will now be able to provide worldwide Caterpillar support to marine operators for a complete, optimized propulsion package, including bow thrusters, gear boxes and shaft
alternators. In addition, Berg’s expertise, focus on maximizing customers’ uptime and minimizing operation cost aligns well with Caterpillar’s value proposition.”
Berg will become part of the Caterpillar Marine and Petroleum Power Division, which supplies diesel and natural gas engines for the generation, control and supply of mechanical and electric power for the marine and petroleum industries.
“This marks the beginning of an exciting new chapter in our company’s history and is a chance to become part of the strongest brands – both Caterpillar and MaK – in our industry,” said Håkan Svensson, Berg’s Chief Executive Officer. “Berg has proudly served the marine industry for 101 years, always striving to provide the best economical and environmentally sound customer solutions. We look forward to developing and providing an even greater portfolio of products and services for ship owners around the world.”
Berg’s thrusters, propellers and control systems will be rebranded as Caterpillar soon after the close of the deal, which is expected in the third quarter 2013, pending final regulatory approvals.