Perkins Engines Company Limited, a wholly owned subsidiary of Caterpillar Inc., and its affiliates have agreed to purchase the remaining share of its joint venture with IHI Agri-Tech Corporation (IAT).
For over two decades, the joint venture has delivered a powerful range of engines in the 0.5-2.2 L space. Manufactured in the U.K., U.S., China, and Japan, there are currently more than 1 million Perkins 400 Series engines at work around the world, powering a wide range of off highway equipment.
The deal will see Perkins and its affiliates acquire the engines business of IAT, which will include the transfer of some machining operations owned by IAT’s subsidiary based in China and intellectual property for the 0.5 to 2.2 L engine range.
This initiative will streamline the business, improve responsiveness to changing customer needs, and enable innovation in commercial as well as technical offerings. Perkins said it will be working with customers of IAT’s engines business to provide continuity of products and services.
“We see growth potential in compact engines to power small equipment such as mini excavators, generators, skid steer loaders, and access platforms,” said Steve Ferguson, Perkins president. “Perkins is well-positioned to be the professional partner to the world’s best-known industrial, machinery, and electric power brands. This deal confirms our commitment to the sector and adds to our already significant investment in a full range of Perkins products to meet EU Stage V emissions standards. Small engines are an integral offering in Perkins’ engine portfolio and we will continue to maximize customer value by offering cost competitive solutions.”
For more information, visit www.perkins.com