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Finning to buy part of Bucyrus distribution business

Finning International Inc. (FTT-T) said it will buy a portion of Bucyrus distribution business from Caterpillar for about $465 million US to expand its presence in the mining industry.

Finning plans to buy the distribution and support business formerly operated by Bucyrus in portions of South America, Western Canada and in the United Kingdom.

Last year, Caterpillar acquired Bucyrus for about $7.6 billion.

In December, Caterpillar said it would sell a part of its Bucyrus distribution business to the industrial division of Malaysia's Sime Darby for about $360 million.

Finning, which expects the deal to add to its 2012 earnings, will fund the transaction primarily through debt.

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