"Eurenov is a strong strategic fit for our company,"said Steve Fisher, general manager of Caterpillar Remanufacturing Services.Т
"They're a cost effective, highly flexible operation that is focused squarely on the customer. We are looking forward to our opportunities with Cat Reman. Its remanufacturing expertise and global reach will enhance our ability to meet customer needs,"said Denis Tremeau, Chairman and Chief Executive Officer of Eurenov.
The acquisition of Eurenov will allow Cat Reman greater access to the European automotive and industrial engine and transmission remanufacturing market with expansion into Eastern Europe. At the same time, Eurenov will benefit from access to Caterpillar's expertise in technology and logistics.
The acquisition will occur through a two-phase process, with Caterpillar obtaining full ownership in 2007, subject to the completion of legal and regulatory requirements.
Caterpillar, one of the world's largest remanufacturers, announced last year that Cat Reman would offer its capabilities to Original Equipment Manufacturers (OEMs) in other industries, including automotive and industrial products.|
Eurenov, which began operations in 1973 as SNOM, offers a variety of products such as remanufactured engines, new and remanufactured transmissions, and remanufactured fuel pumps to OEM clients. Eurenov has about 155 employees.
"Eurenov's experienced team of employees and managers will be a great addition to the Cat Reman organization. We expect their efforts will complement the remanufacturing work we are currently performing in Europe,"Fisher said.
"Their customer relationships and technical knowledge, combined with Caterpillar's know-how and expertise, will strengthen our position in this growing market."