Catepillar Inc. and Bucyrus International announced that Cat will be buying Bucyrus for $7.6 billion in cash, plus debt. While it is a consolidation in the grand scheme between two titans of the mining industry, other than the limited number of mining trucks Bucyrus makes, there really is no overlap between the two companies. Further, Catepillar is moving its mining offices to South Milwaukee.
However, that is also the part that is bad news for Oak Creek. Bucyrus has been in the process of moving senior management to the former Midwest Airlines headquarters, lured there in no small part by the creation of a new TIF district that extends north to College Ave. and the proposed site of a couple of hotels that don’t look to be built anytime soon. There won’t be senior management around too much longer to occupy the Oak Creek site.
Revisions/extensins (5:00 pm 11/15/2010) – The BizTimes reports that Catepillar will be using the Oak Creek facility as its mining headquarters after all.
