PEORIA, Illinois and
LONDON, September 29, 2011 /PRNewswire/ --
Caterpillar Inc. (NYSE: CAT), Cat dealer Ring Power and APR
Energy plc ("APR" - LSE: APR), today announced they have
signed an agreement to develop temporary power solutions globally
to meet the needs of the growing international power projects (IPP)
market, especially in the emerging markets.
The five-year agreement centers on APR working with Caterpillar,
Ring Power and the Cat dealer network to originate and respond to
temporary power plant opportunities. As part of the agreement,
Caterpillar will supply mobile generator sets through Ring Power to
APR Energy, including the new XQ2000 and XQ1475G power modules,
designed specifically for the international power projects market.
APR will benefit from an increased flow of temporary power plant
opportunities and from clear visibility of an integrated supply
line to fulfill on its diesel and gas engine requirements, and
Caterpillar will benefit from an increased presence, on a global
basis, in the IPP market.
"We are pleased to be working with Ring Power and APR Energy as
we expand our growth in the international power projects business,"
said Bill Rohner, Caterpillar vice
president with responsibility for electric power. "APR's experience
in temporary power solutions, Caterpillar's engineering and product
expertise and Ring Power's rental experience will enable us to
better serve our customers," continued Rohner.
By working with Caterpillar and Ring Power, APR continues to
strengthen its position as one of the fastest growing providers in
the IPP market. The extensive Cat dealer network will allow APR to
benefit from a truly global network of parts availability and
services provided by the 188 Cat dealers and 126,700 Cat dealer
employees around the world. Along with parts and services support,
APR's cooperation with Caterpillar and its dealers will present new
sales opportunities previously unfulfilled by either party.
"I have been doing business with Caterpillar for more than 20
years, and APR has used their power modules for its entire history.
We know Caterpillar well and have great respect for them. This is
an exciting win-win for all of us," said John Campion, CEO of APR. "With this agreement,
we can work together to fulfill a far greater number of global
power opportunities."
As part of the agreement, Cat dealer Ring Power will provide
application, engineering, sales and product support to APR
Energy.
"Our market leading product support and rental service
capabilities enable us to deliver world-class energy solutions to
our customers, and we look forward to continuing our long-standing
relationship with APR Energy," said Randy
Ringhaver, president of Ring Power.
A world-class manufacturer of diesel and natural gas engines and
an industry leading provider of complete solutions for the electric
power industry, Caterpillar pioneered the development of the mobile
power module and has provided customers with power systems
solutions for more than 70 years. To meet the needs of
international power projects customers, Caterpillar released a new
version of its successful XQ2000 power module utilizing the 3516B
engine. This new diesel power module is capable of running both 50
and 60 Hz, which is ideal for a global power provider like APR. The
new XQ1475G power module contains the world leading G3516E natural
gas generator set.
About Caterpillar:
For more than 85 years, Caterpillar Inc. has been making
sustainable progress possible and driving positive change on every
continent. With 2010 sales and revenues of $42.588 billion, Caterpillar is the world's
leading manufacturer of construction and mining equipment, diesel
and natural gas engines, industrial gas turbines and
diesel-electric locomotives. The company also is a leading services
provider through Caterpillar Financial Services, Caterpillar
Remanufacturing Services, Caterpillar Logistics Services and
Progress Rail Services. More information is available at:
http://www.caterpillar.com.
About Ring Power:
Ring Power is the Central and Northeast Florida Cat dealer,
headquartered in St. Augustine.
Ring Power is comprised of eight divisions and has 50 years of
experience in sales, rental, service and product support of Cat
equipment. Ring Power has built a strong reputation in the industry
with its superior product support capability for customer projects
worldwide. Additional information about the Ring Power
organization, its products and services can be found at
http://www.ringpower.com.
About APR Energy plc:
Based in Jacksonville, Florida,
and quoted on the London Stock Exchange, APR is a fast growing,
pure play fast track provider of large scale, temporary power
solutions. It is focused on the rapidly growing power plant market
in emerging markets, where the supply/demand imbalance is most
acute, as well as event-led opportunities. APR designs, installs,
operates and maintains turnkey power solutions, used for
applications, including Peak shaving, Distributed generation,
Supplemental power, Grid stability and support, Emergency
generation and Industrial power generation. Its fleet is
technologically advanced and is differentiated by its ability to
provide dual fuel turbine generators as well as diesel and natural
gas modules. For the two financial years to end December 2010, its revenue grew 235%. Revenue for
August 2011 was up 93% over the same
month the previous year. Additional information can be found at:
http://www.aprenergy.com.
The price and value of securities can go down as well as up.
Past performance is not a guide to future performance. Information
in this announcement or any documents relating to APR cannot be
relied upon as a guide to future performance.
Forward-Looking Statements
Certain statements in this press release relate to future events
and expectations and are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are subject to known and unknown factors
that may cause Caterpillar's actual results to be different from
those expressed or implied in the forward-looking statements. Words
such as "believe," "estimate," "will be," "will," "would,"
"expect," "anticipate," "plan," "project," "intend," "could,"
"should" or other similar words or expressions often identify
forward-looking statements. All statements other than
statements of historical fact are forward-looking statements,
including, without limitation, statements regarding our outlook,
projections, forecasts or trend descriptions. These statements do
not guarantee future performance, and Caterpillar does not
undertake to update its forward-looking statements.
It is important to note that Caterpillar's actual results may
differ materially from those described or implied in its
forward-looking statements based on a number of factors, including,
but not limited to: (i) global economic conditions and
economic conditions in the industries and markets Caterpillar
serves; (ii) government monetary or fiscal policies and
government spending on infrastructure; (iii) commodity or
component price increases and/or limited availability of raw
materials and component products, including steel;
(iv) Caterpillar's and its customers', dealers' and suppliers'
ability to access and manage liquidity; (v) political and
economic risks associated with our global operations, including
changes in laws, regulations or government policies, currency
restrictions, restrictions on repatriation of earnings, burdensome
tariffs or quotas, national and international conflict, including
terrorist acts and political and economic instability or civil
unrest in the countries in which Caterpillar operates;
(vi) Caterpillar's and Cat Financial's ability to maintain
their respective credit ratings, material increases in either
company's cost of borrowing or an inability of either company to
access capital markets; (vii) financial condition and credit
worthiness of Cat Financial's customers; (viii) inability to
realize expected benefits from acquisitions and divestitures,
including the acquisition of Bucyrus International, Inc.; (ix)
international trade and investment policies, such as import quotas,
capital controls or tariffs; (x) the possibility that
Caterpillar's introduction of Tier 4 emissions compliant
machines and engines is not successful; (xi) market acceptance
of Caterpillar's products and services; (xii) effects of
changes in the competitive environment, which may include decreased
market share, lack of acceptance of price increases, and/or
negative changes to our geographic and product mix of sales;
(xiii) union disputes or other employee relations issues;
(xiv) Caterpillar's ability to successfully implement the
Caterpillar Production System or other productivity initiatives;
(xv) adverse changes in sourcing practices of our dealers or
original equipment manufacturers; (xvi) compliance costs
associated with environmental laws and regulations;
(xvii) alleged or actual violations of trade or
anti-corruption laws and regulations; (xviii) additional tax
expense or exposure; (xix) currency fluctuations, particularly
increases and decreases in the U.S. dollar against other
currencies; (xx) failure of Caterpillar or Cat Financial to
comply with financial covenants in their respective credit
facilities; (xxi) increased funding obligations under our
pension plans; (xxii) significant legal proceedings, claims,
lawsuits or investigations; (xxiii) imposition of operational
restrictions or compliance requirements if carbon emissions
legislation and/or regulations are adopted; (xxiv) changes in
accounting standards or adoption of new accounting standards;
(xxv) adverse effects of natural disasters; and
(xxvi) other factors described in more detail under "Item 1A.
Risk Factors" in Part I of our Form 10-K filed with the SEC
on February 22, 2011 for the year ended December 31,
2010. This filing is available on our website at
http://www.caterpillar.com/secfilings.