Caterpillar, Inc., an industrial multinational, said Tuesday that it will relocate its worldwide headquarters from suburban Chicago to suburban Dallas. Caterpillar said the transfer from Deerfield, Illinois, to its current headquarters space in Irving, Texas, will begin later this year. In a written statement, Chairman and CEO Jim Umpleby stated, “We think it is in the greatest strategic interest of the firm to make this step, which supports Caterpillar vision for profitable growth as we help our customers build a better, more sustainable world.”
The firm, which builds construction equipment among other things, is a manufacturing bellwether and one of the Dow Jones Industrial Average’s 30 stock price influencers. A spokeswoman for Caterpillar (CAT) stated the change will affect 230 employees. The corporation stated that Illinois will continue to employ more people than any other state. Texas Governor Greg Abbott praised the decision on Tuesday, but said the corporation “is not currently receiving any incentives from the State of Texas for the relocation.”
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