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>> CATERPILLAR INC. Latest News

JAN 18, 2013 - MarketWatch

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Caterpillar profit hit by China accounting mess

SAN FRANCISCO (MarketWatch) -- Caterpillar Inc. said late Friday that it will take a charge of 87 cents a share in the fourth quarter because of accounting misconduct at a recently acquired unit with operations in China. Shares of Caterpillar fell 1.4% at $96.25 in after-hours trading. As a result, the Dow Jones Industrial Average component said it was taking a $580 million charge and firing several senior managers of Zhengzhou Siwei Mechanical & Electrical Manufacturing Co., part of ERA Mining Machinery Ltd., which Caterpillar acquired in June. Caterpillar, which reports fourth-quarter ... Read More

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