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Caterpillar to Move Headquarters from Illinois to Texas

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.”

Despite supply chain restrictions, our worldwide team raised revenues by 22% to 51 billion dollars last year. Our 2019 Investor Day objectives for adjusted operating profit margin and free cash flow from Machinery, Energy, and Transportation, or ME&T, were also met. Because of our excellent free cash flow, we were able to repay $5 billion to shareholders in dividends and share repurchases.

We’ve paid a greater dividend for 28 years in a row and are proud of our Dividend Aristocrat designation. Operational excellence, increased offers, services, and sustainability are the four key emphasis areas of our profitable growth plan.

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