Lovat acquires a powerful partner for pushing forward

摘要

News of Lovat's acquisition in early April, by giant US-based corporation Caterpillar, certainly caught industry-wide attention. It was a clear vote of confidence in the health of the tunneling business and confirmed that demand for tunneling equipment into the future will require expansive procurement and manufacturing capabilities. In interviews soon after the announcement, there was a edge of sadness from Richard Lovat, founder of the company, knowing the independence of the family-owned business had come to an end, but clear confidence from Rick Lovat in what the future now holds: "This secures our future without compromising our legacy. As President and CEO of the company, I could see that within five, ten years we need to be twice as big, if not bigger, to keep pace with demand in terms of capacity, resources and staff. This was going to be difficult from our footprint here in Toronto, and would have required substantial capital. With Caterpillar we gain these resources while retaining our identity. We remain as we are -our identity is unchanged; we stay operating out of Toronto; we remain in charge of our own strategy; we retain all our own people; there is no change of our management - all these were agreed in negotiations.