New owners for Gough Group
14 August 2019.
Last year, our shareholders asked us to explore the company’s long-term future and ownership. Since then, we’ve been carefully working through a range of options.
We are now at a point in the process where we can announce that a sale is going ahead to Sime Darby Berhad, subject to Overseas Investment Office approval and standard pre-conditions. Sime Darby Berhad is a Malaysia-based, listed company, with more than 20,000 employees and operations in 18 countries and territories across the Asia Pacific region. The company is one of the largest and most successful Caterpillar dealers globally and is acquiring our business because they believe in our future and want to help us grow.
The Board and shareholders agreed that transferring ownership to a new owner with the capital and capability to strengthen the business is in the company’s best interests. We are confident that Sime Darby’s ownership will strengthen the outlook for the business, enhance service to customers and improve opportunities for staff.
Although the Gough Cat family is sad to see the end of an almost 100-year legacy of Gough family ownership, we can be excited about the future direction of the business and joining the same stable as Hastings Deering.
You can expect a smooth transition as Caterpillar dealers around the world look to provide consistency, no matter who owns them or what country they operate in. Caterpillar and the existing shareholders want to see the transition take place as smoothly as possible.
The new owners will continue to support your business to the high standards that are expected by Caterpillar. This means the current way the dealership operates will not change significantly. You can expect that most of your key day-to-day relationships will stay the same.
We would have liked to have shared an update with you sooner, but details about the transaction and buyer were confidential until now.
In the meantime, it absolutely remains business as usual in terms of our relationship with you. You are welcome to contact your branch or regional manager with any questions, as you normally would.
Executive General Manager, Gough Group