From the Peoria Journal Star | Caterpillar CEO Doug Oberhelman said Friday that he had a health scare more than two years ago, and is now going public with his health issues to influence others — including within Caterpillar — to manage their health.
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Caterpillar names IBM, Abbott execs to board
Heavy machinery company Caterpillar Inc. has named executives from IBM and healthcare company Abbott Laboratories to its board.
Miles White, who will serve on the governance committee, has served as Abbott’s chief executive since 1998, while Jesse Greene serves as IBM’s chief risk officer and has worked at the computer company for 30 years. Greene will serve on Caterpillar’s audit committee. Get the full story »
Caterpillar plans to shift parts sourcing to China
Caterpillar Inc. plans to move “as much as possible” of the sourcing for its most complex parts from Japan to China, the Financial Times reported Monday on its website.
The company imports 40% of components for its excavator factories from Japan, according to the FT. However, it plans to cut that by at least a quarter within five years as it prepares for a bigger shift. Get the full story »
Caterpillar to offer yuan bond
U.S. construction equipment maker Caterpillar Inc. plans to issue a 1 billion yuan, or $150 million, two-year bond issue in Hong Kong, people familiar with the situation said Wednesday, becoming the second non-financial multinational company to tap the city’s growing yuan-denominated bond market. Get the full story »
Caterpillar retail sales up 48% in last 3 months
Caterpillar Inc. said retail sales of its heavy machinery rose 48 percent in the three months ended Oct. 10, a slightly slower rate of growth than the 53 percent increase reported in the three months ended in September.
The world’s largest maker of heavy equipment said retail sales were up most sharply in Latin America, where they rose 59 percent. The U.S. company saw the slowest growth in Europe, Africa and the Middle East, where sales were up 40 percent.
Caterpillar agrees to buy Bucyrus for $7.6B
A Bucyrus 495HR electric mining shovel loads a Caterpillar 793C mining truck at a mine site. (AP/Bucyrus)
Caterpillar Inc., the world’s largest construction and mining equipment maker, said Monday it has agreed to buy Bucyrus International Inc. for $7.6 billion, aiming its sights on rapid growth in emerging markets.
Bucyrus, which is based in South Milwaukee, Wisconsin, makes surface mining equipment used for mining coal, copper, iron ore, oil sands and other minerals. Growth in emerging markets like China, India and Brazil has driven profit many companies as growth in the rest of the world remains slow. Get the full story »
Caterpillar to delist from Chicago Stock Exchange
Caterpillar Inc. said late Friday that it plans to delist its common stock from the Chicago Stock Exchange to streamline operations and eliminate redundancies that occur from dual listings. The withdrawal is expected to be completed within a month. Get the full story »
Nov. 1, 2010 at 1:56 p.m.
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Filed under: Chicago executives, Manufacturing, Personnel moves New Caterpillar CEO takes over as chairman too
Caterpillar Inc.’s new CEO Doug Oberhelman is now also chairman at the world’s largest maker of mining and construction equipment.
Oberhelman became chairman Monday after the retirement of Jim Owens. Get the full story »
Caterpillar rail unit plans new U.S. facility
A Caterpillar worker ties down a machine part to a flatbed rail car with steel banding. (David Klobucar/Chicago Tribune)
Caterpillar Inc., a U.S. heavy equipment maker that has been moving aggressively into the rail business, will announce plans on Friday to open a railcar facility in Indiana, the (Muncie) Star Press newspaper reported on Friday.
Citing unnamed sources, the paper said Caterpillar’s Progress Rail unit would take over a huge vacant factory in Muncie that has doors in the rear that allow trains to enter and exit.
The report did not say whether the plant would be used to service locomotives and other railroad rolling stock or to manufacture new equipment. It said the facility, in east-central Indiana, would eventually employ 650 workers. Get the full story »
Jets lift durable goods orders, not manufacturing
A surge in demand for commercial aircraft lifted orders for big-ticket manufactured goods in September, but business spending weakened on products that signal expansion plans.
The Commerce Department says orders for durable goods rose 3.3 percent last month. Overall, it was the best showing since January. But excluding transportation, orders fell 0.8 percent after having risen 1.9 percent in August. Get the full story »
Morgan Stanley adds Caterpillar’s Owens to board
Morgan Stanley added Caterpillar Inc. Chairman James Owens to its board of directors, the Wall Street bank said on Monday.
The addition of Owens, 64, brings Morgan Stanley’s board to 13 members. Get the full story »
Caterpillar acquiring German engine firm
Caterpillar Inc. said Friday it is buying a German engine maker, MWM Holding GmbH, from private-equity firm 3i for 580 million euros, or about $810 million, in cash. Get the full story »
Caterpillar reports strong earnings; investors worry
Caterpillar Inc. reported stronger-than-expected earnings on Thursday and raised its full-year forecast, but warned that a number of factors could weigh on its performance next year, and its shares fell as much as 2.8 percent.
The world’s largest maker of earth-moving equipment, which last year had its worst one-year decline in sales since the Great Depression, said it expected sales next year to snap back to pre-recession levels. Get the full story »
Caterpillar, other companies guarded about outlook
Manufacturers enjoyed big gains on Wall Street in the third quarter, outperforming the S&P 500, as signs of a faltering U.S. recovery sent investors piling into companies like Caterpillar Inc. and Cummins Inc. that generate most of their sales overseas.
But the sustainability of those gains will be tested this month as the big industrials report their quarterly results and update investors on the outlook for the rest of the year. Get the full story »
Caterpillar to build new assembly plant in China
Caterpillar Inc. said it will build a new assembly plant in China to produce small hydraulic excavators as the company continues to expand its production capacity in developing regions.
Construction of the plant in Wujiang is expected to begin by the end of the year, with excavator production scheduled to start in 2012. Caterpillar, the world’s largest manufacturer of construction equipment by sales, has supplied the Chinese market with excavators weighing less than eight tons from plants in Xuzhou, China, and Sagami, Japan. Get the full story »
