LAS VEGAS, March 4, 2014 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) has announced a name change of its former Power Systems segment to Energy & Transportation. The new segment name was announced today at CONEXPO-CON/AGG 2014, the largest construction equipment tradeshow in North America.
"Global economic growth will drive increasing demand for energy and transportation during the coming decades," said Jim Umpleby, Caterpillar group president with responsibility for Energy & Transportation. "Caterpillar has made a number of acquisitions and significant investments in product development to expand our participation in the Oil & Gas, Power Generation, Marine, Rail and Industrial markets. Our new name better reflects the industries and customers we now serve."
Caterpillar has a long legacy as a leading provider of reciprocating engines, gas turbines and centrifugal natural gas compressors to the Oil & Gas industry. Our recently formed Black Horse joint venture with Ariel Corporation provides well-service pressure-pumping products, giving our energy production customers a complete pressure-pumping solution sold and serviced through the Cat® dealer network.
In the power generation industry, Caterpillar's reciprocating engines and gas turbines have provided prime and standby power, as well as combined heat and power solutions in a variety of applications for many years. There are more than 450,000 Cat generator sets installed around the world. The acquisition of MWM further expanded our capabilities in sustainable, natural gas and alternative fuel engines.
Caterpillar has provided services to the rail industry since our acquisition of Progress Rail in 2006. With the acquisition of Electro-Motive Diesel (EMD) in 2010, Caterpillar offers a broad range of rail products and services, from freight and transit locomotives to freight car, signal and track services.
In 2013, our acquisition of Berg Propulsion added propulsion and control systems to our existing marine engine and auxiliary power product line.
"We have a long legacy of delivering reliable power for our customers," Umpleby said. "With our expanded lineup of products, services and solutions, we are well-positioned to serve our customers in the growing energy and transportation industries."
At CONEXPO-CON/AGG, an estimated 125,000 show attendees will have the opportunity to experience four Caterpillar exhibits, totaling nearly 60,000 square feet of floor space and featuring more than 40 machines. Many of the technologies on display in the Caterpillar exhibits will also be leveraged by Energy & Transportation.
About Caterpillar: For nearly 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2013 sales and revenues of $55.656 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 principally operates through its three product segments - Resource Industries, Construction Industries and Power Systems - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
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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 we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity price changes, component price increases, fluctuations in demand for our products or significant shortages of component products; (iv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (v) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (vi) failure to maintain our credit ratings could increase our cost of borrowing and adversely affect our cost of funds, liquidity, competitive position and access to capital markets; (vii) our Financial Products segment's risks associated with the financial services industry; (viii) changes in interest rates or market liquidity conditions could adversely affect Cat Financial's and our earnings and /or cash flow; (ix) an increase in delinquencies, repossessions or net losses of Cat Financials customers could adversely affect its results; (x) new regulations or changes in financial services regulations; (xi) we may not realize all of the anticipated benefits of our acquisitions, joint ventures or divestitures, or these benefits may take longer to realize than expected; (xii) international trade policies may impact demand for our products and our competitive position; (xiii) our ability to develop, produce and market quality products that meet our customers' needs; (xiv) the highly competitive environment in which we operate could adversely affect our sales and pricing; (xv) we may not realize all of the anticipated benefits from a number of initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (xvi) we could incur additional restructuring charges and may not realize anticipated savings or benefits from past or future cost reduction actions; (xvii) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xviii) compliance with environmental laws and regulation; (xix) alleged or actual violations of trade or anti-corruption laws and regulations; (xx) additional tax expense or exposure; (xxi) currency fluctuations; (xxii) our or Cat Financial's compliance with financial covenants; (xxiii) increased pension plan funding obligations; (xxiv) union disputes or other employee relations issues; (xxv) significant legal proceedings, claims, lawsuits or investigations; (xxvi) compliance requirements imposed if additional carbon emissions legislation and/or regulations are adopted; (xxvii) changes in accounting standards; (xxviii) failure or breach of IT security; (xxix) adverse effects of unexpected events including natural disasters; and (xxx) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 18, 2014, for the year ended December 31, 2013.
SOURCE Caterpillar Inc.