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January 18, 2013
17:18 EDTCATCaterpillar to record $580M goodwill impairment charge in Q4
Caterpillar announced that an internal investigation of its recently acquired company, ERA Mining Machinery Limited, including its wholly owned subsidiary Zhengzhou Siwei Mechanical & Electrical Manufacturing Co.,, commonly known as Siwei, has uncovered deliberate, multi-year, coordinated accounting misconduct concealed at Siwei, located in Zhengzhou, China. Caterpillar's investigation determined several Siwei senior managers engaged in deliberate misconduct beginning several years prior to Caterpillar's acquisition of Siwei. This deliberate misconduct at Siwei will result in a non-cash goodwill impairment charge of approximately $580M, or 87c per share, in Q4. Caterpillar removed several senior managers at Siwei who were responsible for the misconduct and a new leadership team has been put in place.
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