Caterpillar, a maker of construction and mining equipment, has called Illinois home since its founding in Peoria in 1925.
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In a blow to the prestige of the Illinois economy, Caterpillar said Tuesday it is moving its headquarters from Deerfield to Irving, Texas.
The maker of construction and mining equipment has called Illinois home since its founding in Peoria in 1925. Its headquarters remained there until 2017 when it moved to Deerfield. The company said it will start transitioning employees to Texas this year.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” Chairman and CEO Jim Umpleby said in a brief news announcement.
Caterpillar said Illinois will continue to have its largest concentration of employees. It has more than 107,000 employees worldwide.
The company said it has had operations in Texas since the 1960s.
Its announcement comes almost six weeks after another marquee name in Chicago-area business, Boeing, said it was moving its headquarters from Chicago to Arlington, Virginia, although it said many corporate workers would remain here.
from Chicago Sun-Times - All https://ift.tt/OmV891A
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