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Caterpillar Inc. is decamping to Texas from its longtime Illinois base, joining other major U.S. companies weighing hiring and costs as they work to move past the continuing Covid-19 pandemic.
The maker of construction and mining equipment said Tuesday that its existing office in Irving, Texas, a suburb of Dallas, would serve as its new global headquarters. Caterpillar said that the move from its current base in suburban Chicago would help it grow and that the company wasn’t getting any economic or tax incentives related to the headquarters move.
The article goes on to state the following:
The move—expected to affect the roughly 230 corporate employees at Caterpillar’s headquarters—is the latest in a series of recent relocations that have drawn major manufacturers closer to corporate and government customers, and tech giants from Silicon Valley to Texas.
The report confirms that Caterpillar will still have about 17,000 employees in Illinois, including salaried employees in Peoria, computer scientists in Chicago, and factory workers.
The company generated $51 billion in revenue in 2021.
Caterpillar Chief Executive Jim Umpleby said in a statement, “We believe it’s in the best strategic interest of the company to make this move.”
— Beth Van Duyne (@Bethvanduyne) June 14, 2022
Texas Gov. Greg Abbott also responded to the news, tweeting, “BIG NEWS! In a major win for Texans, @CaterpillarInc is relocating its global headquarters to Texas, making the Lone Star State home to 54 Fortune 500 corporate headquarters!”
BIG NEWS! In a major win for Texans, @CaterpillarInc is relocating its global headquarters to Texas, making the Lone Star State home to 54 Fortune 500 corporate headquarters!
— Gov. Greg Abbott (@GovAbbott) June 14, 2022
“Today, Texas widened its lead as the #1 state in America for Fortune 500 company headquarters. We are proud that Catapillar now calls Texas home. We are a perfect fit for this international brand,” Abbott added from his personal account.
Today, Texas widened its lead as the #1 state in America for Fortune 500 company headquarters.
We are proud that Catapillar now calls Texas home.
We are a perfect fit for this international brand. https://t.co/qrK06SnWrR
— Greg Abbott (@GregAbbott_TX) June 14, 2022
Caterpillar Inc. will move its global headquarters from Illinois to an existing office in Irving, Texas, the company announced Tuesday.https://t.co/6eBQhvjoNw
— Chicago Tribune (@chicagotribune) June 14, 2022
To get more information about this article, please visit WSJ.com.
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