Perkins purchases IAT's stake in the 400 series joint venture

After IHI Agri Tech Corporation (IAT) established a 23 year partnership with Perkins Engines Company Limited, a wholly-owned subsidiary of Caterpillar Inc., Perkins and its subsidiaries agreed to purchase the remaining shares of IAT in the joint venture.

In the past 20 years, this joint venture has provided a series of powerful engines in the 0.5-2.2L field. These engines are manufactured in Britain, the United States, China and Japan. At present, there are more than one million Perkins in the world ® The 400 series engine is running to power various non road equipment.

Through this transaction, Perkins and its subsidiaries will acquire the remaining shares of IAT in the joint venture, that is, IAT's engine business, including the transfer of some machining businesses owned by IAT's subsidiaries (located in Jiangsu Province, China) and the intellectual property rights of 0.5 to 2.2 liter engine series.

This initiative helps simplify business, improve responsiveness to changing customer needs, and enable innovation in business and technology products. We will cooperate with customers in IAT engine business and provide them with products and services continuously.

Perkins President Steve Ferguson said:

"We have seen the development potential of compact engines, which can provide strong power for small excavators, generators, skid steer loaders, maintenance platforms and other small equipment. Perkins has unique advantages, and is a professional partner of the world's famous industrial, mechanical and electric brands. This transaction proves our determination to the industry, and it is our full range of Perkins products to meet the EU Stage V emission standards Another investment in addition to the major investment made on the. "

"Small engines are an integral part of Perkins' engine portfolio, and we will continue to improve customer value by providing cost competitive solutions."

"Perkins will go through this transition period and continue to develop a new generation of 0.5-2.2L diesel engines on the basis of joint ventures to meet current and future customer needs."