Caterpillar Continues Expansion In the United States; Announces Plans to Increase Capacity In Wamego, Kansas, 120 New Jobs Expected
PEORIA, Ill., Aug. 18, 2011 /PRNewswire/ — Caterpillar Inc. (NYSE: CAT) announced today it will begin work immediately to expand its work tools business in Wamego, Kansas. The company will begin construction of a 40,000-square-foot-building at its work tools campus in Wamego. When the new facility is open, Caterpillar will have a total of nearly a quarter of a million square feet of manufacturing space under roof at its work tools campus in Wamego.
“Many of the products we make in Wamego end up being exported all over the world, and this expansion will position our operations in Wamego to grow and meet the expected increase in customer demand as we drive toward Caterpillar’s strategy and goals for 2015 and beyond,” said Bill Springer, Caterpillar vice president with responsibility for the work tools business.
Once fully operational, the new facility is expected to increase Caterpillar’s employment in Wamego by about 120 positions, bringing the total workforce in Wamego to more than 500 people. Caterpillar manufactures buckets, blades and other work tools in Wamego that are used on a wide range of Cat machinery.
“Caterpillar’s investment is great news for Wamego and Kansas. This effort is a true testament to the talented local workforce and the collaborative work done by state and local leaders,” Governor Sam Brownback said. “Today’s announcement shows that with the right business environment, Kansas can compete for good jobs and win.”
The world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives, Caterpillar is in the midst of strategic capacity expansions globally including new facilities and the expansion and upgrade of current operations in North America, South America, Europe and across Asia. The company plans to invest $3 billion in capital expenditures in 2011, with about half of that investment at its operations in the United States.
“The world’s population is continuing to grow, and a greater percentage of people are benefiting from a higher standard of living. Caterpillar is making strategic investments today in order to increase production capacity in the coming years to meet demand for our products, which are used by our customers to enable sustainable and positive economic development around the world,” said Steve Wunning, Caterpillar group president with responsibility for Resource Industries.
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2010 sales and revenues of $42.588 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are subject to known and unknown factors that may cause Caterpillar’s actual results to be different from those expressed or implied in the forward-looking statements. Words such as “believe,” “estimate,” “will be,” “will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,” “should” or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and Caterpillar does not undertake to update its forward-looking statements.
It is important to note that Caterpillar’s actual results may differ materially from those described or implied in its forward-looking statements based on a number of factors, including, but not limited to: (i) global economic conditions and economic conditions in the industries and markets Caterpillar serves; (ii) government monetary or fiscal policies and government spending on infrastructure; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) Caterpillar’s and its customers’, dealers’ and suppliers’ ability to access and manage liquidity; (v) political and economic risks associated with our global operations, including changes in laws, regulations or government policies, currency restrictions, restrictions on repatriation of earnings, burdensome tariffs or quotas, national and international conflict, including terrorist acts and political and economic instability or civil unrest in the countries in which Caterpillar operates; (vi) Caterpillar’s and Cat Financial’s ability to maintain their respective credit ratings, material increases in either company’s cost of borrowing or an inability of either company to access capital markets; (vii) financial condition and credit worthiness of Cat Financial’s customers; (viii) inability to realize expected benefits from acquisitions and divestitures, including the acquisition of Bucyrus International, Inc.; (ix) international trade and investment policies, such as import quotas, capital controls or tariffs; (x) the possibility that Caterpillar’s introduction of Tier 4 emissions compliant machines and engines is not successful; (xi) market acceptance of Caterpillar’s products and services; (xii) effects of changes in the competitive environment, which may include decreased market share, lack of acceptance of price increases, and/or negative changes to our geographic and product mix of sales; (xiii) union disputes or other employee relations issues; (xiv) Caterpillar’s ability to successfully implement the Caterpillar Production System or other productivity initiatives; (xv) adverse changes in sourcing practices of our dealers or original equipment manufacturers; (xvi) compliance costs associated with environmental laws and regulations; (xvii) alleged or actual violations of trade or anti-corruption laws and regulations; (xviii) additional tax expense or exposure; (xix) currency fluctuations, particularly increases and decreases in the U.S. dollar against other currencies; (xx) failure of Caterpillar or Cat Financial to comply with financial covenants in their respective credit facilities; (xxi) increased funding obligations under our pension plans; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) imposition of operational restrictions or compliance requirements if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards or adoption of new accounting standards; (xxv) adverse effects of natural disasters; and (xxvi) other factors described in more detail under “Item 1A. Risk Factors” in Part I of our Form 10-K filed with the SEC on February 22, 2011 for the year ended December 31, 2010. This filing is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.