ZIMPLOW subsidiary, Barzem, will exit the Caterpillar distributorship on September 30, 2022 due to changes in the strategic direction by both parties, the group announced this week.
Barzem has been the sole distributor of Caterpillar earthmoving equipment in Zimbabwe for 70 years.
Caterpillar is the world’s leading manufacturer of construction and mining equipment.
“Whilst this exit is expected to have an impact on the group’s revenue performance initially, we believe that the risk management protocols that have been put in place by the board and management will ensure that the group preserves value and shareholder returns,” group chairman Godfrey Manhambara said in a statement accompanying Zimplow’s results for the year ended December 31, 2021.
“Given these risk management protocols, the board and management believe the group is in a strong position to deliver its corporate strategy in the mining and infrastructure segment,” he said.