Caterpillar Will Open a New Manufacturing Plant in North America From Japan

Caterpillar Inc. (CAT), the world’s largest maker of construction and mining equipment, said it will open a new manufacturing plant in North America and move some production there from Japan to be closer to customers. The plant will be Caterpillar’s “global source” for small track-type tractors and make mini-hydraulic excavators for the Americas, the Peoria, Illinois-based company said today in a statement. The plant will also export partially assembled mini excavators to Europe, where they’ll be completed and sold. The plant’s location hasn’t been decided. It will employ more than 1, 000 people, Caterpillar said. “The markets for smaller track-type tractors and mini hydraulic excavators have evolved significantly in the past 30 years, with the majority of customers now located in North America and Europe, ” Mary Bell, vice president of Caterpillar’s building construction products unit, said in the statement. Caterpillar said yesterday it’s offering as much as HK$6.89 billion ($885 million) to buy Hong Kong-based ERA Mining Machinery Ltd. To expand sales in China. Source: bloomberg.com