TOSNO, Leningrad Oblast, Russia, Nov. 3, 2011 /PRNewswire/ -- In response to growing demand for its mining and quarry products in Russia and the Commonwealth of Independent States (CIS), Caterpillar Inc. (NYSE: CAT) today announced that it will start producing Cat® 773E off-highway trucks (OHT) at its manufacturing plant in Tosno, Leningrad Oblast. Russian leaders joined Caterpillar officials at the facility in commemorating the expansion of the Tosno manufacturing operations, where two models of Cat excavators and large fabricated components for construction machines are currently produced.
"This is a significant investment in the future and demonstrates Caterpillar's long-term commitment to a growing quarry and mining market in Russia and the CIS," said Caterpillar Group President Steve Wunning. "Producing the 773E in Russia puts us closer to the customer and has the company well-positioned to meet increased demand for Caterpillar mining and quarry products."
Since March 2000, Caterpillar has operated a fully-owned production facility in Tosno, which is part of the Company's long-term strategic initiative to increase its presence in Russia and the CIS. Caterpillar currently employs over 400 people at the Tosno plant to produce excavators and components. In the weeks and months ahead, the Company expects to hire close to 100 additional employees to support the 773E manufacturing operations.
"We are proud to be creating new jobs, providing training to build a great product and investing in the Russian economy," said Luis de Leon, vice president of Caterpillar's Mining Products Division. "Our future is all about growth with the best products, best distribution, best facilities and best people, and this expansion in Tosno is a big part of that story."
"After extensive study and planning, we are confident that this strategic move to localized manufacturing of the 773E in the CIS will allow us to better serve our customers, and be able to compete and win in a market that we believe has great potential," said Caterpillar's CIS Country Manager Mumin Azamkhuzhaev.
The company is ready to start production of the 773E trucks immediately, with the first customer shipments to be made from Tosno by year's end.
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2010 sales and revenues of $42.588 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. These statements are subject to known and unknown factors that may cause Caterpillar's actual results to be different from those expressed or implied in the forward-looking statements. 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 Caterpillar does not undertake to update its forward-looking statements.
It is important to note that Caterpillar's actual results may differ materially from those described or implied in its 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 Caterpillar serves; (ii) government monetary or fiscal policies and government spending on infrastructure; (iii) commodity or component price increases and/or limited availability of raw materials and component products, including steel; (iv) Caterpillar's and its customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks associated with our global operations, including changes in laws, regulations or government policies, currency restrictions, restrictions on repatriation of earnings, burdensome tariffs or quotas, national and international conflict, including terrorist acts and political and economic instability or civil unrest in the countries in which Caterpillar operates; (vi) Caterpillar's and Cat Financial's ability to maintain their respective credit ratings, material increases in either company's cost of borrowing or an inability of either company to access capital markets; (vii) 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, such as import quotas, capital controls or tariffs; (x) the possibility that Caterpillar's introduction of Tier 4 emissions compliant machines and engines is not successful; (xi) market acceptance of Caterpillar's products and services; (xii) effects of changes in the competitive environment, which may include decreased market share, lack of acceptance of price increases, and/or negative changes to our geographic and product mix of sales; (xiii) union disputes or other employee relations issues; (xiv) Caterpillar's ability to successfully implement the Caterpillar Production System or other productivity initiatives; (xv) adverse changes in sourcing practices of our dealers or original equipment manufacturers; (xvi) compliance costs associated with environmental laws and regulations; (xvii) alleged or actual violations of trade or anti-corruption laws and regulations; (xviii) additional tax expense or exposure; (xix) currency fluctuations, particularly increases and decreases in the U.S. dollar against other currencies; (xx) failure of Caterpillar or Cat Financial to comply with financial covenants in their respective credit facilities; (xxi) increased funding obligations under our pension plans; (xxii) significant legal proceedings, claims, lawsuits or investigations; (xxiii) imposition of operational restrictions or compliance requirements if carbon emissions legislation and/or regulations are adopted; (xxiv) changes in accounting standards or adoption of new accounting standards; (xxv) adverse effects of natural disasters; and (xxvi) other factors described in more detail under "Item 1A. Risk Factors" in Part I of our Form 10-K filed with the SEC on February 22, 2011 for the year ended December 31, 2010. This filing is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.