Caterpillar's Doug Oberhelman Positive On Mining Deal (CAT)

Caterpillar

CEO Doug Oberhelman is saying that the trend toward urbanization is a boost to mining, which is the reason for the purchase of Bucyrus

this morning. Oberhelman is saying that there are no real cost savings from this deal, that this was a deal to enhance Caterpillar's product portfolio. There was no product overlap, which made Bucyrus attractive to Caterpillar. Caterpillar has hired approximately 5,000 people of the people that were laid off, and is opening new plants across the country. Caterpillar speaks with the administration frequently, and is saying that certainty of the tax rates would help Caterpillar hire more.