WSJ: Deal Gone Wrong Adds to Caterpillar's Woes in China
JAN 22, 2013 - 7:30 am
The Wall Street Journal notes in an article on Caterpillar’s announcement that it would have to write off $580 million over alleged accounting misconduct at its Chinese maker of mine-safety equipment that former Caterpillar employees and industry insiders say the company has struggled to establish its place in the rough-and-tumble China market, where an emphasis on low prices and political connections outweigh Caterpillar’s strength as a maker of premium equipment.
The Journal noted, citing a person familiar with the matter, that the accounting surprise contributed to the departure of a senior Caterpillar executive.
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