Caterpillar's Irish dealer McCormick MacNaughton goes into administration
16 June 2010
McCormick MacNaughton (McCormick), Caterpillar's dealer in the Republic of Ireland and Northern Ireland, has gone into receivership.
The dealer's MAC Rental (Cat Rental Store) operation has not gone into administration in Northern Ireland, although there is no news about the rental business in the Republic of Ireland.
The Dublin-based parent company in the Republic appointed PriceWaterhouseCoopers (PWC) as administrator last week and the Northern Irish business followed a few days later.
IRN understands that Caterpillar Financial Services appointed the administrators at McCormick Macnaughton and McCormick Macnaughton Power Services, the subsidiary that sells generator sets.
PricewaterhouseCoopers administrator in Northern Ireland, Garth Calow, said the company would trade as normal while discussions with Caterpillar continued; "Despite the downturn in construction-related activities, the Northern Ireland company has traditionally been profitable, with the trading and financial difficulties relating to wider group operations in the Republic of Ireland.
The group, which was established over 50 years ago, is the sole seller of Caterpillar equipment in the Republic of Ireland and Northern Ireland. According to its accounts, the group made a pre-tax loss of €13 million in 2008.
