PEORIA, Ill. -- Caterpillar Inc. announced today that it has acquired Lovat, a global manufacturer of tunnel boring machines used in the construction of metro, railway, road, sewer, water main, penstock, mine access, high voltage cable and telecommunications tunnels.
The financial details of the acquisition are not being released.
Rick Lovat, president and chief executive officer of Lovat Inc., will join Caterpillar's Global Mining Division and will have responsibility for growing the tunnel boring business within Caterpillar.