Caterpillar completes John Fabick Tractor acquisition
Steve Ferguson named CEO of Fabick
Caterpillar announced today that it has completed its acquisition of John Fabick Tractor, a Cat dealer serving the Midwest for more than 100 years.
Caterpillar entered into an agreement to buy the company in September. Terms of the deal were not disclosed.
Steve Ferguson, a senior vice president at Caterpillar, has been appointed chief executive and dealer principal of Fabick. Ferguson joined Caterpillar in 1990 and has held leadership roles in mining, power and energy, finance and operations. Most recently, he was senior vice president of the company’s Industrial Power Systems division.
With 37 locations across Missouri, Illinois, Wisconsin and Michigan, “Fabick has built deep customer relationships, an experienced team and a strong commitment to the communities it serves,” Ferguson stated in today’s release.
The acquisition comes on the heels of a third quarter in which Caterpillar reported $20.7 billion in total sales and revenue, up 17.3% year over year, according to its Oct. 29 earnings release.
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