PEORIA (dpa-AFX) - Construction equipment maker Caterpillar Inc. (CAT) announced on Monday that it has completed the acquisition of John Fabick Tractor Company, a longtime Cat dealer serving parts of Missouri and Illinois, Wisconsin and Michigan's Upper Peninsula. Financial terms of the deal were not disclosed.
The company said the acquisition follows an agreement announced in September and is intended to support a seamless ownership transition while maintaining customer service and local support.
Caterpillar said Fabick has served customers for more than 100 years and operates across construction, mining and other equipment markets in its territory.
The company appointed Senior Vice President Steve Ferguson as Chief Executive Officer and Dealer Principal of Fabick upon completion of the transaction.
Ferguson most recently led Caterpillar's Industrial Power Systems Division and has held leadership roles across mining, power and energy, finance and operations since joining the company in 1990.
On NYSE, shares of Caterpillar were up 0.17 percent at $623.76.
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