Caterpillar has reached an agreement to acquire the business and assets of Wealdstone Engineering Ltd., one of Europe's leading remanufacturers of petrol and diesel engines.

Wealdstone is a privately held company based in the United Kingdom and the acquisition is an expansion for Caterpillar Remanufacturing Services (Cat Reman) which currently has six facilities located in the United States, Mexico and Europe serving the automotive power train remanufacturing business.

Wealdstone Engineering is located is Rushden, England and employs over 100 people. Its business is automotive and industrial based, and Wealdstone has been a specialist OEM remanufacturer since 1965. Wealdstone's largest long-term customers are Ford Europe and the British Ministry of Defence.

Caterpillar is one of the world's largest remanufacturers, processing more than 2 million units annually and recycling more than 100 million pounds of used products each year. Caterpillar has been in the remanufacturing business for over 30 years. Today, Cat Reman products include on and off highway engines, engine components, transmissions, hydraulic components and electronic components.

The acquisition is scheduled to take place on September 1.