PEORIA, Ill., Aug. 23, 2012 /PRNewswire/ -- Executives from Caterpillar Inc. (NYSE: CAT) and leaders from the state of Texas celebrated the grand opening of Caterpillar's state-of-the-art hydraulic excavator facility in Victoria, Texas. The new, 1.1 million-square-foot operation represents a $200 million investment by Caterpillar to increase excavator capacity and production in the United States. The company has already hired about 225 new employees in Victoria, and plans to continue hiring based on demand for products made in Victoria and as it ramps up production with additional models to be produced at the new facility.
"This new facility in Victoria will help us better serve our customers in North America, and I am thrilled to have the opportunity to meet some of our newest employees and to see first hand a factory that I am sure will be among the very best we have anywhere in the world," said Caterpillar Chairman and CEO Doug Oberhelman.
Prior to taking part in the grand opening ceremony, Oberhelman toured the new facility with leaders from Caterpillar's Excavation Division and with Texas Governor Rick Perry.
"Caterpillar's ongoing investment in the Lone Star State is proof positive that the low taxes, reasonable regulations, fair courts and skilled workforce we've worked hard to foster continue to attract world-class employers to create jobs and opportunity here in Texas," Gov. Perry said. "We're proud to welcome this new facility and the hundreds of jobs it supports to Victoria, and wish Caterpillar continued success."
When operating at full capacity, the new Victoria facility will more than triple the current capacity of hydraulic excavators produced by the company in the United States. The excavators to be produced in Victoria are now made at a Caterpillar facility in Aurora, Illinois, and at a Caterpillar facility in Akashi, Japan. Expanding capacity in the United States at the new Victoria location will position Caterpillar to better serve North American excavator customers with a single, dedicated facility. In addition, the Caterpillar facility in Aurora will then focus on other products while the facility in Akashi will be more focused on serving customers in Asia.
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, Caterpillar Logistics 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.