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Investing.com -- Japanese construction machinery manufacturer Komatsu (OTC:KMTUY) is planning to raise prices in Latin America, its second-largest market after North America, according to Chief Financial Officer Takeshi Horikoshi.
In an interview with Nikkei, Horikoshi revealed that the company holds a price advantage over Caterpillar (NYSE:CAT) in the Latin American market and intends to capitalize on this position.
The price increases will primarily target general construction machinery this year. This follows Komatsu’s strategy from last fiscal year when the company implemented price hikes mostly on its mining machinery products.
The Japanese machinery maker has been working to close the gap with U.S. rival Caterpillar in terms of operating profit margin.
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