Caterpillar Inc. declared Tuesday it will be moving its Texas headquarters. This statement was published by Caterpillar Inc. on their website
DEERFIELD, IL – Caterpillar Inc. (NYSE: CAT) today announced it will move its global headquarters to the company’s existing office in Irving, Texas, from its current location in Deerfield, Illinois.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” said Chairman and CEO Jim Umpleby.
Since the 1960s, Caterpillar’s presence has been present in Texas. This includes several parts of the business. The largest concentration of Caterpillar workers in any country is still found in Illinois.
In 2022, the company will transition its headquarters from Irving to New York.
Monitor the Market:
Even with the move, Illinois has the largest concentration of Caterpillar CAT, -5.44% employees anywhere in the world, the company said. The original headquarters were in the Illinois downstate, Peoria. They moved to Deerfield, a suburb of Chicago, in 2017.
This announcement follows Boeing’s announcement in May that it would be moving from Chicago, Illinois to Arlington, Virginia, and, of course, Tesla’s move last year from Palo Alto, California to Austin, Texas.
It also follows Governor Pritzker’s regular touting of the State’s strong financial performance as he stumps for re-election.
Republicans weren’t so generous in their characterizations.
Illinois Republicans are slamming Governor. J.B. Pritzker after Caterpillar announced plans to relocate its corporate headquarters to Texas, but the governor is firing back, saying that the state is still seeing increased job growth thanks to his administration’s policies.
…
“Caterpillar’s decision to leave Illinois after calling it home for many decades is a devastating loss to Illinois’ business community,” House Republican Leader Jim Durkin said in a statement. “The reasons for this decision could not have been more clear – Illinois’ business climate no longer works for this company.”
…
Some of Pritzker’s opponents in the Illinois’ governor’s race say that the move is another example of why Republican leadership is needed in the state.
“This is yet another reminder that Illinois is desperately in need of change in Springfield. Self-serving career politicians have sold us out,” candidate Jesse Sullivan said in a statement.
Texas Governor Greg Abbott, of course, welcomed the news and released his own statement.
“Caterpillar’s global headquarters relocation is a major win for the people of North Texas and the entire state, now making Texas home to 54 Fortune 500 corporate headquarters. I am proud to welcome Caterpillar’s headquarters to Texas and am excited for the economic opportunities this will create for Texans. Because we promote a world-class economy, businesses of any size and individuals from every background can thrive in the Lone Star State. We have the lowest operating costs in America, the most reasonable regulation environment and an extraordinary quality of life. Caterpillar’s relocation to Irving is a testament to the boundless opportunity Texas has to offer, and I look forward to working alongside this global leader as we keep the American Dream a reality for every Texan.”
Are these a sign of a rising trend?
About Post Author
