A major Caterpillar dealer in the West Virginia and eastern Ohio region for nearly 60 years, Walker had inked a letter of intent for the deal in late December.
Boyd plans to continue operating Walker Machinery under the Walker name.
Boyd is the owner of Whayne Supply, a large supplier of Caterpillar heavy equipment in Kentucky and southern Indiana.
Terms and details regarding the sale were not disclosed.
“I am confident that the experienced and dedicated Walker employees and management team will make this transition as seamless to the customers and suppliers,” Whayne Supply and Boyd Company owner Monty Boyd said.
“This is a company that has an excellent reputation and a loyal customer base thanks to their focus on exceptional customer service.”
The newly expanded company noted that Caterpillar had approved Boyd Company to represent its products in the existing Walker territory, made up of 25 West Virginian counties and eight more counties in southeastern Ohio.
Walker, a heavy equipment distributor for 59 years, had been a Caterpillar equipment dealer for 56 years with eight West Virginian and two Ohio locations and a staff of about 700 employees.
Whayne Supply, established in Kentucky in 1913, is one of the largest and oldest Cat dealers in the US. The company has 1300 employees and facilities in 12 Kentucky and southern Indiana cities.
“The purchase of Walker Machinery is consistent with my vision for strategic growth across familiar markets – markets in which we have historically been successful,” Boyd said.
“Walker Machinery has a significant presence in the West Virginia and southeastern Ohio coal markets, and Whayne has nearly a century of service to the coal industry, especially in eastern Kentucky. I am excited about the new opportunities that the Walker expansion provides, including the addition of many long-term, dedicated, skilled employees.”
Officials said last December that all contracts held by Walker, including its labour agreements with The Operating Engineers Local 132, would remain intact.
Last June, Walker laid off 45 workers and another 23 in September, citing the coal production slowdown and the uncertainty of ongoing mining permit issues.