On Dec. 21, 2009, Bucyrus International Inc., South Milwaukee, Wis., said it would buy Terex Corporation’s mining equipment division for $1.3 billion in cash, adding complementary services to its business and broadening its geographic reach.

The Terex unit makes hydraulic excavators, electric drive mining trucks, track and rotary blasthole drills, and highwall mining systems. Bucyrus said that the acquisition will double its addressable market to more than $30 billion from about $15 billion.

Terex said the acquisition speeds up its plan to convert to a machinery and industrial products company from a construction and mining equipment business.

Both companies’ boards have approved the deal, which is expected to close in the first quarter of this year.