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Caterpillar Inc.

Industrial MachineryFounded 1925
Reviewed by Swet Parvadiya
Company data updated: October 2026

Acquisitions

Caterpillar Acquisitions

5

Major Deals Covered

$11.2B

Disclosed Deal Value

What are Caterpillar's biggest acquisitions?

Caterpillar's largest disclosed acquisition here is Bucyrus International for $8.6B in 2011. This page covers 5 major deals from 1981 to 2011, each with its price where disclosed and the reason behind it.

Major deals covered
5
Largest deal
Bucyrus International ($8.6B)
First deal
1981
Most recent
2011
CompanyYearPricePurpose
Bucyrus International2011$8.6BTo significantly expand Caterpillar's product portfolio in large mining equipment, including electric rope shovels, hydraulic excavators, and draglines, and enhance its position in the global mining industry.
MWM Holding GmbH2011$810.0MTo expand Caterpillar's product offerings in sustainable power generation, specifically in distributed power using natural gas and other gaseous fuels.
Progress Rail Services2006$1.0BTo enter the rail services and locomotive manufacturing market, leveraging Caterpillar's engine technology for rail applications.
Electro-Motive Diesel (EMD)2010$820.0MCaterpillar bought EMD through its Progress Rail subsidiary to enter diesel-electric locomotive manufacturing.
Solar Turbines1981UndisclosedCaterpillar acquired Solar Turbines to enter the industrial gas turbine market, providing mid-range turbines for oil and gas pipeline compression, offshore platforms, and distributed power generation.
What companies has Caterpillar bought?
Major acquisitions by Caterpillar documented here include Bucyrus International (2011), Progress Rail Services (2006), Electro-Motive Diesel (EMD) (2010), MWM Holding GmbH (2011) and Solar Turbines (1981).
What is Caterpillar's most recent acquisition?
The most recent Caterpillar acquisition documented here is Bucyrus International, in 2011, for $8.6B.

Bucyrus International

2011

$8.6B

Why

To significantly expand Caterpillar's product portfolio in large mining equipment, including electric rope shovels, hydraulic excavators, and draglines, and enhance its position in the global mining industry.

Impact

Solidified Caterpillar's leadership in the resource industries segment, adding critical products and technologies to serve large-scale mining operations.

Outcome

integrated, contributing to Caterpillar's revenue and competitive advantage in mining.

Source →

MWM Holding GmbH

2011

$810M

Why

To expand Caterpillar's product offerings in sustainable power generation, specifically in distributed power using natural gas and other gaseous fuels.

Impact

Strengthened Caterpillar's Energy & Transportation segment, particularly in the growing market for combined heat and power (CHP) and biogas applications.

Outcome

Integrated into Caterpillar's power systems, enhancing its clean energy solutions portfolio.

Source →

Electro-Motive Diesel (EMD)

2010

$820M

Why

Caterpillar bought EMD through its Progress Rail subsidiary to enter diesel-electric locomotive manufacturing.

Impact

Made Caterpillar a direct competitor to Wabtec (formerly GE Transportation) in freight locomotives and added locomotive aftermarket revenue.

Outcome

EMD operates under Progress Rail, which moved into the Resource Industries segment in 2026.

Source →

Progress Rail Services

2006

$1.0B

Why

To enter the rail services and locomotive manufacturing market, leveraging Caterpillar's engine technology for rail applications.

Impact

Established Caterpillar as a major player in the global rail industry, providing locomotives and comprehensive rail infrastructure and services.

Outcome

Became a significant part of the Energy & Transportation segment, driving growth in the rail sector.

Source →

Solar Turbines

1981

Why

Caterpillar acquired Solar Turbines to enter the industrial gas turbine market, providing mid-range turbines for oil and gas pipeline compression, offshore platforms, and distributed power generation.

Impact

Solar Turbines became a core part of Caterpillar's Energy & Transportation segment, generating billions in annual revenue from turbine sales and long-term service agreements. The business provides exposure to the oil and gas midstream sector and industrial power generation.

Outcome

successful long-term acquisition. Solar Turbines is one of the world's leading makers of mid-range industrial gas turbines with a large installed base generating decades of aftermarket service revenue.

Source →

Caterpillar Inc.'s Growth & Acquisition Strategy

Under Joe Creed, Caterpillar's strategy has three pillars: Commercial Excellence, Advanced Technology Leader, and Transform How We Work. In practice this means growing services revenue (parts, repairs, rebuilds, and digital subscriptions) toward a $28 billion target, expanding capacity in large engines and gas turbines for data-center and prime-power customers, scaling autonomy and connected-fleet technology from mining into construction and quarrying, and offering battery-electric and alternative-fuel machines as customers decarbonize.

How Caterpillar Inc. Makes Money

Caterpillar runs a B2B manufacturing and distribution model built around independent dealers. It designs and manufactures equipment, then sells most of it to locally owned Cat dealers (such as Finning and Toromont) who resell, rent, finance, and service it for end customers. Caterpillar earns a second, higher-margin stream by supplying proprietary replacement parts and remanufactured components across machines' multi-decade service lives, and a third through Cat Financial, which provides retail loans, leases, and dealer floor-plan financing.

Caterpillar Acquisitions FAQ

What was Caterpillar's acquisition of Bucyrus International in 2011?

In July 2011, Caterpillar completed the acquisition of mining equipment manufacturer Bucyrus International for $8.8 billion (including $1.2 billion in net debt), the largest acquisition in Caterpillar's history, adding electric rope shovels, draglines, and underground mining equipment.

Why was the acquisition of Solar Turbines in 1981 transformative for Caterpillar?

In 1981, Caterpillar acquired San Diego-based Solar Turbines from International Harvester for $505 million, establishing Caterpillar as a global leader in industrial gas turbines and compressors for oil & gas transmission and electric power generation.

What was Caterpillar's acquisition of Progress Rail Services in 2006?

In June 2006, Caterpillar acquired Progress Rail Services for $1.0 billion in cash, entering the locomotive, rail track maintenance, and rail car repair industry, which subsequently acquired Electro-Motive Diesel (EMD) in 2010 for $820 million.

What was Caterpillar's acquisition of Perkins Engines in 1998?

In February 1998, Caterpillar acquired British diesel engine manufacturer Perkins Engines for $1.325 billion, expanding its small and medium-sized diesel engine manufacturing capacity across Europe, South America, and Asia.

What was the acquisition of SPM Oil & Gas in 2021?

In February 2021, Caterpillar acquired SPM Oil & Gas (formerly Weir Oil & Gas) for approximately $405 million, expanding its portfolio of hydraulic fracturing pumps, flow iron, wellhead equipment, and pressure control services.

What technology acquisitions has Caterpillar completed in robotics and AI?

Caterpillar has acquired key technology companies including automated mining analytics firm Marble Robot in 2020, Tangent Energy Solutions in 2022 (energy-as-a-service and microgrid software), and battery-electric specialist Lithos Energy in 2023.

What was the controversial acquisition of ERA Mining Machinery (Siwei) in 2012?

In June 2012, Caterpillar acquired Chinese hydraulic roof support manufacturer ERA Mining Machinery (Siwei) for $677 million, but later wrote down $580 million in early 2013 due to accounting misconduct discovered at the Chinese subsidiary.

How does Caterpillar finance its multi-billion-dollar strategic acquisitions?

Caterpillar finances corporate acquisitions through a combination of available ME&T cash reserves, operating cash flow, and low-interest investment-grade commercial paper and senior debt issuances.

What is Caterpillar's biggest acquisition?

In 2011, Caterpillar executed a massive $8.6 billion acquisition of Bucyrus International, immediately making Caterpillar the absolute undisputed leader in global mining equipment.

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Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.