Kramer family sells Sask. Cat dealership to Finning for $230 million
The Kramer family in Saskatchewan has sold its Caterpillar dealership to Finning International Inc. for $230 million.
The Kramer family in Saskatchewan has decided to retire and sell its 70-year-old Caterpillar heavy equipment dealership to an industry giant for $230 million.
The sale was announced by Finning International Inc. (TSX:FTT), which is the world's biggest Caterpillar dealer.
Vancouver-based Finning says the Kramer business will complement its operations in Alberta, British Columbia and the three northern territories.
It has assigned Tony de Sousa -- who has been with Finning for 39 years -- to lead the Saskatchewan operation, which has its head office in Regina and locations in several other communities throughout the province.
For 23 years, Kramer Ltd. has been under the leadership of Tim Kramer, whose family founded the business in 1944.
About 475 Kramer employees will make the transition to Finning, which has 5,200 employees in Western Canada. It also operates in several South American countries, as well as in the United Kingdom and Ireland, employing 14,000 in total.