PEORIA, Ill. and WASHINGTON, July 20, 2015 /PRNewswire/ -- With the re-establishment of diplomatic relations, today marks a new future for the United States and Cuba. Caterpillar (NYSE: CAT) has been calling for a new policy toward Cuba since 1998, and today marks a historic step toward normalization as the countries focus on their future.
"For almost 20 years, Caterpillar has strongly advocated for engagement rather than isolation in Cuba. We've also called on the U.S. government to lift the trade embargo because, in our view, the current isolationist policy hasn't worked," said Caterpillar Chairman and CEO Doug Oberhelman.
"Dialogue is a great start. We encourage the President and Congress to work together on the next step – finally ending the 54-year embargo that has made the 90 miles separating our nations an insurmountable barrier. It is now time to unleash the full power of engagement by fully normalizing relations. Fully integrating Cuba into the global economy will improve the everyday lives of the Cuban people."
Caterpillar leaders visited Cuba in April of 2015 to better understand the potential market and to meet with business and government leaders.
Previously, Caterpillar has donated generator sets to Cuban hospitals as part of its humanitarian outreach. Currently, Caterpillar and the Caterpillar Foundation are exploring a variety of ways to improve conditions for the Cuban people.
For 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 2014 sales and revenues of $55.184 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 - Construction Industries, Resource Industries and Energy & Transportation - 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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SOURCE Caterpillar Inc.