Bucyrus International, Inc. ("Bucyrus") is one of the world's leading manufacturers of large-scale excavation equipment used in surface mining and other earth moving operations, including rotary blast hole drills, electric mining shovels, and draglines. Bucyrus machines are used throughout the world by customers who mine copper, coal, oil sands, iron ore, gold, phosphate, bauxite, and other minerals, as well as for land reclamation activities.

American Industrial Partners purchased Bucyrus in September 1997. AIP, in partnership with Bucyrus management, completed the following initiatives during AIP’s ownership of Bucyrus:

• Consolidated industry through purchase of a competitor, increasing Bucyrus' installed base and aftermarket revenue opportunity
• Increased aftermarket penetration through data driven strategies
• Reduced costs through facilities rationalizations, increased utilization rates, and improved logistics
• Re-engineered and revitalized existing product line
• Increased international sales to developing countries such as China, generating significant long-term demand for Bucyrus' products
• Improved capital structure
• Installed state-of-the-art ERP systems

AIP exited its investment of Bucyrus through two common stock offerings in 2004.