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The Associated Press April 16, 2012, 4:05PM ET

Caterpillar to sell distribution business for $75M

Heavy equipment maker Caterpillar Inc. said Monday that it will sell the distribution and support business formerly operated by Bucyrus in Peru to Ferreyros SAA for about $75 million.

Ferreyros is a Peruvian company that imports, distributes and sells construction, mining, agricultural and transport equipment.

The business includes inventory in Peru as well as about 70 former Bucyrus employees who are expected to transition to Ferreyros upon closing of the transaction.

Caterpillar, which is based in Peoria, Ill., bought Bucyrus last year and has said it planned to sell off Bucyrus' dealers to Caterpillar dealers worldwide.

Last week Caterpillar agreed to sell off the Australian distributor of its Bucyrus mining equipment to one of its dealers for $400 million. It's made two other deals as well.

Caterpillar shares rose 96 cents to $106.85 in afternoon trading.

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