Purchase of Caterpillar and Sitech Businesses
We are the legal advisors to Avesco AG from Switzerland in a business purchase in which Avesco purchases Wihuri Oy’s Finnish importing and retailing businesses of the Caterpillar and Sitech brands. The plan is for the businesses to transfer to Avesco on 1 January 2020. In Finland, Avesco plans to focus on representing the Caterpillar and Sitech brands, and approximately 240 employees will transfer to Avesco as existing employees through the business purchase.
Avesco AG is a Swiss company that is part of the family-owned Ammann Group, which was established in 1869 and employs over 3,000 people. Among other things, Avesco sells, leases and services construction and energy production machinery. Avesco purchased Caterpillar’s Baltic operations from Wihuri in 2016, and Avesco also represents the Caterpillar brand in Switzerland.
Wihuri is a global Finnish industry and trade conglomerate engaged in packaging, daily goods wholesale, technical trade and aviation. Wihuri Group employs 5,000 people and operates in 30 countries. Caterpillar is part of Wihuri’s Technical Trade division, which operates under Wihuri Oy. Wihuri has operated for over a century and has been Caterpillar’s importer and retailer for over 70 years.