PEORIA, Ill. (AP) -- Caterpillar Inc. said on Monday that it will buy a Swedish company that makes ship thrusters and propellers, deepening its capabilities in the marine business.
The deal to purchase Johan Walter Berg AB is expected to close in the third quarter, as long as it gets government approval. A purchase price wasn't disclosed.
Caterpillar makes marine engines now. It said the new deal will allow it to sell the whole propulsion system. Berg, based in Ockero Islands, Sweden, has made heavy-duty marine thrusters and adjustable propellers since 1929. The company's products are used on vessels that need precise maneuvering.
The company will become part of Caterpillar's Marine and Petroleum Power Division, which makes diesel and natural gas engines for the marine and petroleum industries.
Caterpillar shares rose 35 cents to $82.84 in morning trading. They have traded in a 52-week range of $78.25 to $99.70.
More from MBTMag.com
Explore more news here.