Perkins and affiliates to purchase IAT’s share of 400 Series joint venture
After a 23-year relationship between IHI Agri-Tech Corporation (IAT) and Perkins Engines Company Ltd. , a wholly owned subsidiary of Caterpillar Inc., Perkins and its affiliates have agreed to purchase IAT’s remaining share of the joint venture.
For more than two decades, the joint venture has delivered a powerful range of engines in the 0.5-to 2.2- liter space. Manufactured in the United Kingdom, United States, 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 IAT's remaining share of the joint venture - the engines business of IAT which will include the transfer of some machining operations owned by IAT’s subsidiary based in Jiangsu Province, PRC and intellectual property for the 0.5 to 2.2 liter engine range.
This initiative will streamline the business, improve responsiveness to changing customer needs and enable innovation in commercial as well as technical offerings. The purchasers 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. 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,” says Steve Ferguson, Perkins President. “Small engines are an integral offering in Perkins’ engine portfolio and we will continue to maximise customer value by offering cost competitive solutions.”
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