Caterpillar CEO Leads Company Delegation to Cuba

HAVANA, May 11, 2016 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Chairman and CEO Doug Oberhelman, along with Caterpillar executives and representatives from RIMCO, the Cat dealer serving Cuba, are traveling to Cuba this week to meet with government representatives to enhance Caterpillar's already established strong relationship in this emerging market.

"We believe in the power of engagement, and our goal is to be both a business and cultural partner in Cuba for many years to come," said Oberhelman. "For nearly 20 years, Caterpillar has called for an end to the unilateral embargo. Our visit this week lays important groundwork for Caterpillar and RIMCO to serve the Cuban market once remaining trade restrictions are lifted. We are grateful for the courteous and warm reception we have received."

Oberhelman's visit is the latest step in the company's ongoing efforts to promote open markets and free trade. This historic visit represents the most recent Caterpillar efforts to engage with Cuba both on business and cultural levels. Earlier this year, RIMCO, the Cat dealer currently serving Puerto Rico, was selected as the Cat dealer for Cuba.

We are extremely pleased to return to Cuba once again to continue analyzing the market," said Richard F. McConnie, President of RIMCO. "We look forward to offering the Cat solutions and traditionally outstanding service to help develop Cuba's infrastructure and improve the quality of life of Cuban people.

While steps remain to achieve fully normalized relations, including lifting the existing embargo, RIMCO and Caterpillar will continue preparations to best serve the Cuban marketplace with construction machines, power systems, turbines and engines.

DONATION TO HEMINGWAY HOUSE ANOTHER HIGHLIGHT OF TRIP

At an event today held at the Cuban home of the late Ernest Hemingway, Caterpillar announced that it will add to the previous $500,000 donation made by Caterpillar and the Caterpillar Foundation to The Finca Vigía Foundation with the donation of a Cat skid-steer loader. The skid-steer loader will be used to support the construction of the Taller building, an onsite conservation laboratory with archival storage facilities located at the Hemingway House. The Taller will be used to house historic Hemingway artifacts and documents.

"We are pleased to be able to provide a Cat machine to help in the construction of the Taller building at the Hemingway House; the house is part of the cultural heritage shared by the American and Cuban people," said Oberhelman.

Caterpillar and the Caterpillar Foundation have sought different avenues for philanthropic opportunity in Cuba since 1998. Previously, Caterpillar had donated generator sets to support Cuban hospitals. In March, Caterpillar and the Caterpillar Foundation announced a donation toward preservation of the Hemingway House.

"We are proud to support The Finca Vigía Foundation's work," said Caterpillar Foundation President Michele Sullivan. "By working together with a number of partners, this project will help build a sustainable and thriving community, which is good for everyone."

About Caterpillar
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 2015 sales and revenues of $47.011 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.

About RIMCO
RIMCO is the Caterpillar dealer for the service territory Puerto Rico, the U.S. Virgin Islands, the British Virgin Islands, Barbados, Cuba, and the Eastern Caribbean Islands. It is a privately-held Puerto Rico company founded by the McConnie family in 1981. The company has built a strong reputation in the industry with its superior sales, rental and product support capabilities. RIMCO sells construction equipment, power systems and engines to its customers in the construction, quarry & aggregates, waste, industrial, commercial and marine segments. RIMCO also has a complete fleet of equipment and power systems available for rental through its 5 Cat Rental Stores located in Puerto Rico and Barbados. Additional information about the RIMCO organization, its products and services can be found at www.rimcocat.com.  

Forward-looking Statements
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 and regional 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 and potential resulting increases to our cost of borrowing and adverse effects on 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; (ix) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (x) new regulations or changes in financial services regulations; (xi) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xii) international trade policies and their impact on 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 impact of the highly competitive environment in which we operate on our sales and pricing; (xv) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (xvi) additional restructuring costs or a failure to 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 regulations; (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 government investigations; (xxvi) changes in accounting standards; (xxvii) failure or breach of IT security; (xxviii) adverse effects of unexpected events including natural disasters; and (xxix) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 16, 2016, for the year ended December 31, 2015.

SOURCE Caterpillar Inc.

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