Concluding that "the business no longer represents a strategic growth opportunity," Caterpillar Inc. says it will shut down its tunnel-boring-machine business by mid-2014. Caterpillar first entered the TBM market in 2008 with its purchase of Toronto-based TBM manufacturer Lovat. The machines have been used in tunneling jobs around the globe, from the Brightwater tunnel in Washington state to extensions of the Shanghai subway system. "We continuously evaluate our strategic portfolio to ensure alignment with our long-term strategy and have concluded the tunneling business no longer fits that strategy," said Stu Levenick, Caterpillar vice president for customer and dealer support, in a press release.
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