Despite sluggish economy in the United States, company remains committed to investing in major Illinois plants to keep them competitive for the long run
PEORIA, Ill. – Demonstrating confidence in its ability to compete globally from a strong U.S. manufacturing base, Caterpillar Inc. (NYSE: CAT) announced today a multi-year $1 billion capacity expansion that will position key factories in Illinois and other areas to compete for the long term. The investments will allow Caterpillar to meet continued demand and bolster its global leadership for machines used primarily in mining and large infrastructure applications. In support of this capacity expansion, the company will invest more than $1 billion from 2008 through 2010 in five existing facilities in Illinois (East Peoria, Joliet, Decatur, Aurora and Mossville).
“This is certainly very positive news for the Illinois communities where we operate as we invest today to strengthen our global leadership position in the industries we serve and to maintain our ability to profitably compete in the global economy,” said Caterpillar Chairman and CEO Jim Owens. “This restructuring and capital investment in critical North American operations demonstrates our optimism about the global markets we serve and Caterpillar’s long-term commitment to our employees, our customers and our stockholders….more at Cat.com