Caterpillar Chairman Attends White House Bill Signing for Russia PNTR Legislation; Praises Bipartisan Leadership that Positions the United States to Increase Exports and Jobs
WASHINGTON, Dec. 14, 2012 /PRNewswire/ -- At the Oval Office in the White House today, Caterpillar Inc. (NYSE: CAT) Chairman and Chief Executive Officer Doug Oberhelman said the signing of legislation to establish Permanent Normal Trade Relations (PNTR) with Russia is a great example of how more open trade will benefit the United States and its trading partners. Oberhelman was among a select group of people invited by President Barack Obama to witness the bill signing for the legislation, which normalizes trade with Russia, following that country's entry into the World Trade Organization (WTO) earlier this year. The legislation had strong bipartisan backing in Congress and the support of the Obama Administration.
"I am honored to attend this historic event, and feel this law is proof that our leaders in Washington can set aside party affiliations and cast the right votes that are in the best interest of the United States and, in this case, an important trading partner like Russia," Oberhelman said. "By joining the WTO, and with the signing of this law, the United States and Russia have set the stage for a new era of trade, job creation and investment that should benefit the economies of both countries," Oberhelman said. "Without PNTR, American companies that export to Russia would have remained at a competitive disadvantage compared to European and Asian-based companies that export to Russia."
Russia imported nearly $300 billion in goods in 2011, yet the United States accounted for only five percent of those imports. Russia is the sixth largest economy in the world in terms of purchasing power, but it was ranked 31st among all export markets for U.S. goods in 2011.
"This new law can help to improve those figures by expanding trade opportunities and the jobs associated with exports," Oberhelman said.
"In the last five years, Caterpillar exports from the U.S. to Russia have totaled about $2 billion, but we think PNTR will pave the way for increased exports for American made products and agricultural items," Oberhelman said. "Establishing PNTR puts Caterpillar on equal footing with our competitors from other countries, most of who already benefited from Russia's entry into the WTO. We expect it will also benefit our Russian customers. Along with WTO membership, PNTR provides a framework for Russia and the United States to expand trade on a level playing field for both countries, while expanding free market principles," Oberhelman said.
Since 1992, the United States has maintained Normal Trade Relations (PNTR) with Russia on a temporary, year-to-year basis. The WTO, however, requires its members give each other PNTR, and until today, the U.S. was the only WTO member country that had not established normal trade ties with Russia.
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2011 sales and revenues of $60.138 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 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. 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 we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our 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 we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) our and our customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks and instability, including national or international conflicts and civil unrest; (vi) our and Cat Financial's ability to: maintain credit ratings, avoid material increases in borrowing costs, and access capital markets; (vii) the 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; (x) challenges related to Tier 4 emissions compliance; (xi) market acceptance of our products and services; (xii) changes in the competitive environment, including market share, pricing and geographic and product mix of sales; (xiii) successful implementation of capacity expansion projects, cost reduction initiatives and efficiency or productivity initiatives, including the Caterpillar Production System; (xiv) sourcing practices of our dealers or original equipment manufacturers; (xv) compliance with environmental laws and regulations; (xvi) alleged or actual violations of trade or anti-corruption laws and regulations; (xvii) additional tax expense or exposure; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial covenants; (xx) increased pension plan funding obligations; (xxi) union disputes or other employee relations issues; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) compliance requirements imposed if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards; (xxv) failure or breach of IT security; (xxvi) adverse effects of natural disasters; and (xxvii) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 21, 2012 for the year ended December 31, 2011. This filing is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.
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