Caterpillar says settles Siwei deal with cut in purchase price

Caterpillar and China-based Mining Machinery said they have settled outstanding issues related to Caterpillar’s acquisition of mining equipment firm ERA and its Siwei unit through a reduction in the purchase price.

As part of the deal announced on Thursday, Caterpillar’s outstanding payment obligations to Mining Machinery were reduced by US$135 million (HK$1.05 billion) to US$29.5 million (HK$229.0 million).

Caterpillar reported in January that it had found “deliberate, multi-year, coordinated accounting misconduct” at Siwei.

via Business feed http://www.scmp.com/business/companies/article/1239630/caterpillar-says-settles-siwei-deal-cut-purchase-price