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.
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.
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.
SOURCE Caterpillar Inc.