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Caterpillar Inc.

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Caterpillar Inc.
CAT
Company typePublic
Industry
Predecessor
FoundedApril 15, 1925;99 years ago(1925-04-15)inWisconsin,U.S.
Founders
HeadquartersIrving, Texas,U.S.[2]
Area served
Worldwide
Key people
Jim Umpleby
(Chairman & CEO)
Products
Products List
Services
Services List
RevenueIncreaseUS$67.06 billion(2023)
IncreaseUS$12.97 billion(2023)
IncreaseUS$10.34 billion(2023)
Total assetsIncreaseUS$87.48 billion(2023)
Total equityIncreaseUS$19.50 billion(2023)
Number of employees
113,200 (December 2023)
Subsidiaries
Subsidiary List
Websitecaterpillar.com
Footnotes / references
[3][4][5]

Caterpillar Inc.,also known asCat,is an American construction, mining and other engineering equipment manufacturer.[6]The company is the world's largest manufacturer of construction equipment.[3][7][8] In 2018, Caterpillar was ranked number 73 on theFortune500 list[9]and number 265 on the GlobalFortune500 list.[10]Caterpillar stock is a component of theDow Jones Industrial Average.[11]

Caterpillar Inc. traces its origins to the 1925 merger of theHolt Manufacturing Companyand theC. L. BestTractor Company, creating a new entity, California-based Caterpillar Tractor Company.[12]In 1986, the company reorganized itself as a Delaware corporation under the current name, Caterpillar Inc. It announced in January 2017 that over the course of that year, it would relocate its headquarters from Peoria, Illinois, toDeerfield, Illinois,scrapping plans from 2015 of building an $800 million new headquarters complex in downtown Peoria.[13][14]Its headquarters are located inIrving, Texas,since 2022.[15][16]

The company also licenses and markets a line of clothing and workwear boots under its Cat / Caterpillar name.[17][18]Additionally, the company licenses theCat phonebrand of toughened mobile phones andrugged smartphonessince 2012.[19]Caterpillar machinery and other company-branded products are recognizable by their trademark "Caterpillar Yellow"liveryand the "CAT" logo.[20]

History

[edit]
Main article:Holt Manufacturing Company

Origins

[edit]
Benjamin Holt,one of the founders of Holt Manufacturing Company
An early bulldozer-like tractor, on crawler tracks, with a leading single wheel – for steering – projecting from the front on an extension to the frame. The large internal combustion engine is in full view, with the cooling radiator prominent at the front. An overall roof is supported by thin rods, and side protection sheeting is rolled up under the edge of the roof.
The Holt 75 model gasoline-powered Caterpillar tractor used early in World War I as an artillery tractor. Later models were produced without the front "tiller wheel", c. 1914.

The company traces its roots to thesteam tractormachines manufactured by the Holt Manufacturing Company in 1890.[21]The steam tractors of the 1890s and early 1900s were extremely heavy, sometimes weighing 1,000 pounds (450 kg) perhorsepower,and often sank into the earth of theSan Joaquin Valley Deltafarmland surroundingStockton, California.[22]Benjamin Holtattempted to fix the problem by increasing the size and width of the wheels up to 7.5 feet (2.3 m) tall and 6 feet (1.8 m) wide, producing a tractor 46 feet (14 m) wide, but this also made the tractors increasingly complex, expensive, and difficult to maintain.

Another solution considered was to lay a temporaryplank roadahead of the steam tractor, but this was time-consuming, expensive, and interfered with earthmoving. Holt thought of wrapping the planks around the wheels.[22]He replaced the wheels on a 40 horsepower (30 kW) Holt steamer, No. 77, with a set of wooden tracks bolted to chains. On Thanksgiving Day, November 24, 1904, he successfully tested the updated machine plowing the soggydelta landofRoberts Island.[23]

Contemporaneously,Richard Hornsby & Sonsin Grantham, Lincolnshire, England, developed a steel plate-tracked vehicle, which it patented in 1904.[24]This tractor was the first to be steered using differential braking of the tracks, eliminating the forward tiller and steering wheel. Several tractors were made and sold to operate in theYukon,one example of which was in operation until 1927, and remnants of it still exist. Hornsby found a limited market for their tractor, so they sold their patent to Holt five years after its development.[25]

Company photographer Charles Clements, looking at the machine's upside-down image through his camera lens, commented that the track rising and falling over the carrier rollers looked like acaterpillar,[26][27]and Holt seized on themetaphor."Caterpillar it is. That's the name for it!"[23]Some sources, though, attribute this name to British soldiers who had witnessed trials of the Hornsby tractor in July 1907. Two years later, Holt sold his first steam-powered tractor crawlers for US$5,500, about US$185,000 in 2024. Each side featured a track frame measured 30 inches (760 mm) high by 42 inches (1,100 mm) wide and were 9 feet (2.7 m) long. The tracks were 3 inches (76 mm) by 4 inches (100 mm)redwoodslats.[23]

Holt received the firstpatentfor a practicalcontinuous trackfor use with a tractor on December 7, 1907, for his improved "Traction Engine" ( "improvement in vehicles, and especially of the traction engine class; and included endless traveling platform supports upon which the engine is carried" ).[28]

Headquarters locations

[edit]
The Holt Caterpillar Co. factory inEast Peoria, Illinois,in 1910. Tractors were assembled in place before assembly lines were introduced. Holt bought the plant from the bankrupt Colean Manufacturing Co. in 1910.[29]
A postcard showing the Caterpillar Tractor Co. plant inPeoria,period 1930–1945

On February 2, 1910,[27]Holt opened up a plant inEast Peoria,Illinois, led by his nephew Pliny Holt. There, Pliny met farm implement dealerMurray Baker,who knew of an empty factory that had been recently built to manufacture farm implements and steamtraction engines.Baker, who later became the first executive vice president of what became Caterpillar Tractor Company, wrote to Holt headquarters in Stockton and described the plant of the bankrupt Colean Manufacturing Co. of East Peoria. On October 25, 1909, Pliny Holt purchased the factory,[30]and immediately began operations with 12 employees.[31]Holt incorporated it as the Holt Caterpillar Company, although he did not trademark the name Caterpillar until August 2, 1910.[27]

The addition of a plant in theMidwest,despite the heftycapitalneeded to retool the plant, proved so profitable that only two years later, the company employed 625 people and was exporting tractors to Argentina, Canada, and Mexico.[32]Tractors were built in both Stockton and East Peoria.[33][34]

On January 31, 2017, the company announced plans to move their headquarters from Peoria toDeerfield, Illinois,by the end of 2017.[35]The new location at 500 Lake Cook Road is the former site of aFiatallisplant that manufactured wheel loaders for many years.

On June 14, 2022, the company announced plans to move its global headquarters from Deerfield, Illinois, toIrving, Texas,beginning later in the year, citing "the best strategic interest of the company."[36]

Use in World War I

[edit]

The firsttanksused in WWI were manufactured byWilliam Foster & Co.,also in Lincolnshire, England, and were introduced to the battlefield in 1916. That company had collaborated with Hornsby in the development of the vehicles demonstrated to the British military in 1907, providing the paraffin (kerosene) engines.

Holt's track-type tractors played a support role in World War I. Even before the U.S. formally entered WWI, Holt had shipped 1,200 tractors to England, France, and Russia for agricultural purposes. These governments, however, sent the tractors directly to the battlefront, where the military put them to work hauling artillery and supplies.[37]WhenWorld War Ibroke out, the British War Office ordered a Holt tractor and put it through trials atAldershot.The War Office was suitably impressed and chose it as agun tractor.[38]Over the next four years, the Holt tractor became a majorartillery tractor,mainly used to haul medium guns such as the6-inch howitzer,the60-pounder,and later the9.2-inchhowitzer.[39]

Holt tractors were also the inspiration for the development of the Britishtank,which profoundly altered ground warfare tactics.[23][40]MajorErnest Swinton,sent to France as an armywar correspondent,very soon saw the potential of a track-laying tractor.[41]: 116 Although the British later chose an English firm to build its first tanks, the Holt tractor became "one of the most important military vehicles of all time."[39]

Postwar challenges

[edit]

Holt tractors had become well known duringWorld War I.Military contracts formed the major part of the company's production. When the war ended, Holt's planned expansion to meet the military's needs was abruptly terminated. The heavy-duty tractors needed by the military were unsuitable for farmers. The company's situation worsened when artillery tractors were returned from Europe, depressing prices for new equipment and Holt's unsold inventory of military tractors. The company struggled with the transition from wartime boom to peacetime bust. To keep the company afloat, they borrowed heavily.

C. L. Best Gas Tractor Company, formed by Clarence Leo Best in 1910, and Holt's primary competitor, had during the war received government support, enabling it to supply farmers with the smaller agricultural tractors they needed.[42][43]As a result, Best had gained a considerable market advantage over Holt by war's end. Best also assumed considerable debt to allow it to continue expansion, especially the production of its new Best Model 60 "Tracklayer".

Both companies were adversely impacted by the transition from a wartime to a peacetime economy, which contributed to a nationwidedepression,further inhibiting sales. On December 5, 1920, 71-year-old Benjamin Holt died after a month-long illness.[43][44]

Caterpillar company formed (1925)

[edit]
A 60-horsepower Caterpillar Sixty being used for road work in theCibola National Forest,New Mexico, United States in 1931
ACaterpillar D2,introduced in 1938, at the Serpentine Vintage Tractor Museum,Serpentine, Western Australia

The banks and bankers who held the company's large debt forced the Holt board of directors to accept their candidate, Thomas A. Baxter, to succeed Benjamin Holt. Baxter initially cut the large tractors from the company's product line and introduced smaller models focused on the agricultural market. When theFederal Aid Highway Act of 1921funded a US$1 billion federal highway building program, Baxter began refocusing the company towards building road-construction equipment.[30]: 66 Both companies also faced fierce competition from theFordsoncompany.

Between 1907 and 1918, Best and Holt had spent about US$1.5 million in legal fees fighting each other in a number ofcontractual,trademark,andpatent infringementlawsuits.[45]Harry H. Fair of the bond brokerage house of Pierce, Fair & Company of San Francisco had helped to finance C. L. Best's debt and Holt shareholders approached him about their company's financial difficulty. Fair recommended that the two companies should merge. In April and May 1925, the financially stronger C. L. Best merged with the market leader Holt Caterpillar to form the Caterpillar Tractor Co.[46]

The new company was headquartered in San Leandro until 1930, when under the terms of the merger, it was moved to Peoria.[31]Baxter had been removed as CEO earlier in 1925, and Clarence Leo Best assumed the title of CEO, and remained in that role until October 1951.[42]

The Caterpillar company consolidated its product lines, offering only five track-type tractors: the2 Ton,5 Ton,and10 Tonfrom the Holt Manufacturing Company's old product line and theCaterpillar 30andCaterpillar 60from the C. L. Best Tractor Co.'s former product line. The 10 Ton and 5 Ton models were discontinued in 1926. In 1928, the 2 Ton was discontinued. Sales the first year were US$13 million. By 1929, sales climbed to US$52.8 million, and Caterpillar continued to grow throughout theGreat Depressionof the 1930s.

Caterpillar adopted thediesel engineto replace gasoline engines. DuringWorld War II,Caterpillar products found fame with theSeabees,construction battalions of theUnited States Navy,which builtairfieldsand other facilities in thePacific Theater of Operations.Caterpillar ranked 44th among United States corporations in the value of wartime military production contracts.[47]During the postwar construction boom, the company grew at a rapid pace, and launched its first venture outside the U.S. in 1950, marking the beginning of Caterpillar's development into amultinational corporation.

In 2018, Caterpillar was in the process of restructuring, closing a demonstration center in Panama and an engine-manufacturing facility in Illinois.[48]

Expansion in developing markets

[edit]
Excavator displayed at the 2021 Changsha International Construction Equipment Exhibition, in Changsha, Hunan, China

Caterpillar built its first Russian facility in the town ofTosno,located nearSt. Petersburg, Russia.It was completed in 16 months, occupied in November 1999, and began fabricating machine components in 2000.[49]It had the first electrical substation built in theLeningrad Oblastsince the Communist government was dissolved on December 26, 1991. The facility was built under harsh winter conditions, where the temperature was below −25 °C. The facility construction was managed by theLemminkäinen GroupinHelsinki, Finland.[citation needed]

In May 2022, production at the Tosno plant was stopped. In November 2023, an agreement was reached on the sale of Caterpillar assets to the Russian company PSK - New Solutions, founded by people fromSberbank.Experts believe that the resumption of Caterpillar production is unlikely and the plant will be repurposed.[50]

The $125 million Caterpillar Suzhou,People's Republic of Chinafacility, manufactures medium-wheel loaders and motor graders, primarily for the Asian market. The first machine was scheduled for production in March 2009. URS Ausino, in San Francisco, California, manages facility construction.[citation needed]

Caterpillar has manufactured inBrazilsince 1960.[51]In 2010 the company announced plans to further expand production ofbackhoeand small wheel loaders with a new factory.[52]

Caterpillar has been manufacturing machines, engines, and generator sets in India, as well. Caterpillar has three facilities in India, which are in Tamil Nadu (Thiruvallur and Hosur) and Maharastra (Aurangabad).

Acquisitions

[edit]

In addition to increasing sales of its core products, much of Caterpillar's growth has been through acquisitions, including:

Sortable table
Company or asset acquired Location Date Acquired from Products Notes
Trackson Milwaukee, Wisconsin, United States 1951[53] Traxcavators(tracked loaders) and pipelayers "Traxcavator" became a Cat brand
Towmotor Corporation Mentor, Ohio, United States 1965[54] Forklifts In 1992 becameMitsubishi Caterpillar Forklifts,a joint venture 80% owned byMitsubishi Heavy Industries.Marketed under both the Towmotor and Caterpillar brands – the Caterpillar brand changed to Cat Lift Trucks[55]
Solar Division and Turbomach Division San Diego, California, United States 1981[56] International Harvester Company Industrialgas turbines BecameSolar Turbines Incorporated,a wholly owned subsidiary of Caterpillar Inc.
Balderson, Inc. Wamego, Kansas, United States 1990[57] Balderson, Inc. Work Tools for Construction and Mining Equipment, e.g. buckets, blades, forks The name of Balderson, Inc., was changed to Caterpillar Work Tools, Inc. in 1998 and remains a wholly owned subsidiary of Caterpillar Inc.
Barber-Greene Co. Inc. Minneapolis, Minnesota, United States 1991[58] Paving products Renamed Caterpillar Paving Products
Krupp MaK Maschinenbau GmbH Kiel,Germany 1997[59][60] Fried. Krupp GmbH Marine diesel engines Renamed MaK Motoren GmbH, a wholly owned subsidiary of Caterpillar Inc. and will continue to use the MaK brand name.
Perkins Engines Peterborough,United Kingdom 1998[61] LucasVarity Small diesel engines Produces both Cat- and Perkins-branded engines
Kato Engineering Mankato, Minnesota, United States 1998[62] Rockwell Automation, Inc. Large electrical generators
F.G. Wilson Larne, Northern Ireland 1999[63][64] Emerson Electric Company Generators, produces both Cat- and Olympian-branded generators Asset swap, Emerson acquired Kato Engineering from Caterpillar as part of transaction.
Earthmoving Equipment Division Chennai, India 2000[65] Hindustan MotorsLtd. Construction equipment Renamed Caterpillar India, and the service and maintenance are provided by Birla Group's GMMCO Ltd.
Caterpillar Elphinstone Burnie,Australia 2000[66] Elphinstone Underground mining equipment Acquired 50% interest in joint venture from partner Elphinstone, renamed Caterpillar Underground Mining
Sabre Engines Ltd. Wimborne, United Kingdom 2000[67] Sabre Group Ltd. Marine diesel engines Renamed Caterpillar Marine Power UK, produces both Cat- and Perkins-Sabre-branded engines
Bitelli SpA Minerbio,Italy 2000[68] Asphalt pavers, cold planers, compactors and other road maintenance products Merged into Caterpillar Paving Products
Wealdstone Engineering Ltd. Rushden, United Kingdom 2004[69] Remanufacturer of gasoline and diesel engines Organized under Caterpillar Remanufacturing Services
Williams Technologies, Inc. Summerville, South Carolina, United States 2004[69] Delco Remy International Inc. Remanufacturer of automatic transmissions, torque converters and engines Organized under Caterpillar Remanufacturing Services
Turbomach SA Riazzino,Switzerland 2004[70] Babcock Borsig AG Packager of industrial gas turbines and related systems
Progress Rail Albertville, Alabama,United States 2006[71][72] One Equity Partners Supplier of railroad and transit system products and services, owner ofElectro-Motive Diesel
Hindustan PowerPlus Ltd. Mathagondapalli,Tamil Nadu, India 2006[73][74] Hindustan Motors Engine components and heavy-duty diesel engines Buyout of joint venture formed in 1988, renamed Caterpillar Power India Private Ltd., merged into Caterpillar India in 2008
Eurenov S.A.S. Chaumont, France 2007[75][76] Automotive component remanufacturing Organized under Caterpillar Remanufacturing Services
Forestry Division of Blount International, Inc. Portland, Oregon, United States 2007[75][77] Blount International, Inc. Timber harvesting and processing equipment, loaders and attachments
Shandong Engineering Machinery (SEM) China 2008[78] Wheel loaders
Lovat Inc. Toronto, Ontario, Canada 2008[79] Tunnel boring machines 2 April 2008: "This acquisition is Caterpillar's entry into the rapidly expanding tunnel boring machine business, and it represents an excellent strategic fit for our companies and the customers we serve around the world," – Stu Levenick, Caterpillar group president.

2 May 2013: "We continuously evaluate our strategic portfolio to ensure alignment with our long-term strategy and have concluded the tunneling business no longer fits that strategy," – Stu Levenick. Caterpillar Tunneling Canada Corporation (CTCC) have notified employees that it will exit the business and cease production at its facilities by mid-2014.

Shin Caterpillar Mitsubishi Ltd. Sagami & Akashi, Japan 2008[79][80] Mitsubishi Heavy Industries Construction equipment Joint venture since 1963, after purchase of majority renamed Caterpillar Japan Ltd.
MGE Equipamentos & Serviços Ferroviários Diadema, São Paulo, Brazil 2008[81][82] Railroad equipment remanufacturing Subsidiary of Progress Rail
Gremada Industries, Inc. West Fargo, North Dakota, United States 2008[83][84] Gremada Industries, Inc. Remanufacturing transmissions, torque converters, and final drives Organized under Caterpillar Remanufacturing Services
Twin City Signal Inc. Hudson, Wisconsin, United States 2008[85] Signaling, traffic control Division of Progress Rail
JCS Co., Ltd. Yangsan City, Kyungnam, South Korea 2009[86][87] Jinsung T.E.C. Co., Ltd. Seal technology
GE Inspection Products Erie, Pennsylvania, United States 2010[88] GE Transportation Rail inspection products Division of Progress Rail
FCM Rail Ltd. Fenton, Michigan, United States 2010[89][90] Rail maintenance equipment leasing Division of Progress Rail
Zeit Comercio e Montagem de Equipamentos Ltda Curitiba, Parana, Brazil 2010[91] Automation and electrical equipment for locomotives and other industries Acquired by MGE, a division of Progress Rail
Electro-Motive Diesel La Grange, Illinois,United States 2010[92] Greenbriar Equity Group LLC, Berkshire Partners LLC,et al. Railroad locomotives and large diesel engines Wholly owned subsidiary of Progress Rail
Underground Imaging Technologies, Inc. (UIT) Latham, New York, United States 2010[93] Geophysical services, specializing in providing three-dimensional representations of underground utilities Organized under Cat Advanced Systems Division
Caterpillar Xuzhou Ltd Xuzhou, China 2010[94] XCMG Group Construction equipment Joint venture since 1995, will become wholly owned subsidiary Caterpillar Xuzhou
CleanAIR Systems, Inc. Santa Fe, New Mexico, United States 2010[95] Customized stationary aftertreatment solutions for internal combustion engines Wholly owned subsidiary of Caterpillar Inc. organized under Customer Services Support Division
MWM Holding GmbH Mannheim, Germany 2010[96][97] 3i Group Plc Gas and diesel powered generator sets will become part of Caterpillar's Electric Power division (formerlyDeutz Power Systemsdivision ofDeutz-Fahr)
Bucyrus International, Inc. South Milwaukee, Wisconsin, United States 2011[98][99] Surface and underground mining equipment Transaction closed without issuing new equity on July 8, 2011, in firm's largest acquisition ever, valued at $8.8 billion.
Pyroban Group Ltd Shoreham, UK 2011[96][100] Fire and explosion prevention solutions for engines and equipment
Berg Propulsion Hönö,Gothenburg, Sweden 2013[101] Controllable-pitch propellers for the marine industry
Marble Robot, Inc. San Francisco, California, USA 2020[102] Robotics, machinery for groceries, prescriptions, and package delivery

Divestitures

[edit]

Caterpillar occasionally divests assets that do not align with its core competencies.

Sortable table
Asset Divested Location Date Purchaser Products Notes
Turbomach Division of Solar Turbines Incorporated San Diego, California, United States 1985[103] Sunstrand Corporation Auxiliary power units Caterpillar's only aerospace asset, not a core competency, sold to longtime partner
Kato Engineering Mankato, Minnesota, United States 1999[104] Emerson Electric Company Large electrical generators Asset swap. Caterpillar acquired F.G. Wilson from Emerson as part of transaction.
Agricultural equipment assets DeKalb, Illinois, United States 2002[105] AGCO Corporation Design, assembly and marketing ofChallenger track tractors Although founded as an agricultural equipment manufacturer, Caterpillar exited the business with this sale.
Preferred Group of Mutual Funds not applicable 2006[106] T. Rowe Price Group Inc. Mutual funds Caterpillar Investment Management Ltd. decided to exit the investment management business.
Pioneer Machinery West Columbia, South Carolina, United States 2007[107] Consortium of six Caterpillar dealers Distributor of forestry equipment
ASV, Inc. Grand Rapids, Minnesota, United States 2008[108] Terex Minnesota, Inc. Rubber track machines Caterpillar formerly held 23.5% of ASV outstanding shares before supporting the purchase by Terex
Caterpillar Logistics Services Morton, IL, United States 2012[109][110] Platinum Equity, LLC Logistics Services & Warehousing Solutions Caterpillar retains a 35% equity stake. Business renamedNeovia Logistics Services LLC
Historical financial data in billions of US dollars[111][112][113][114][115][116][117]
Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Revenue 20.51 20.19 22.81 30.31 36.34 41.52 44.96 51.32 32.37 42.59 60.14 65.88 55.66 55.18 47.01 38.54 45.46 54.72 53.80 41.75 50.97 59.43 67.06
Net Income 0.805 0.798 1.099 2.035 2.854 3.537 3.541 3.557 0.895 2.700 4.928 5.397 6.556 2.452 2.512 −0.067 0.743 6.147 6.093 2.998 6.489 6.705 10.34
Total Assets 30.49 32.71 36.71 43.10 47.07 51.45 56.13 67.78 60.04 64.02 81.22 88.83 84.76 84.50 78.34 74.70 76.96 78.51 78.45 78.32 82.79 81.94 87.48
Employees (thousands) 70.68 70.97 67.83 73.03 81.67 90.16 97.44 106.5 99.36 98.50 113.6 127.8 122.5 115.6 110.8 99.5 98.4 104.9 102.3 97.3 107.7 109.1 113.2

Business lines

[edit]

Through fiscal year 2010, Caterpillar divided its products, services, and technologies into three principal lines of business: machinery, engines, and financial products for sale to private and governmental entities.[3]As of 2022, Caterpillar reports its financials using four business segments: construction industries, resource industries, energy & transportation, and financial products.[118]

Machinery

[edit]
Caterpillar 906H2 wheel loader

Caterpillar has a list of some 400 products for purchase through its dealer network. Caterpillar's line of machines range from tracked tractors tohydraulic excavators,backhoe loaders,motor graders,off-highway trucks,wheel loaders,agriculturaltractors,and locomotives. Caterpillar machinery is used in the construction,road-building,mining,forestry,energy, transportation, and material-handling industries.

Caterpillar is the world's largest manufacturer of wheel loaders. The small size wheel loaders (SWL) are designed and manufactured at facilities inClayton, North Carolina.The medium size (MWL) and large size (LWL) are designed at theirAurora, Illinoisfacility. Medium wheel loaders are manufactured at:Aurora, Illinois;Sagamihara, Kanagawa,Japan;Piracicaba,São Paulo, Brazil;[119]India;and thePeople's Republic of China.Large wheel loaders are manufactured exclusively in the United States on three separate assembly lines at Aurora, Illinois.

On-road trucks

[edit]

Caterpillar began selling a line of on-roadtrucksin 2011, theCat CT660,aClass 8 vocational truck.[120] As of March 2016, Caterpillar has ceased production of on-highway vocational trucks stating that “Remaining a viable competitor in this market would require significant additional investment to develop and launch a complete portfolio of trucks, and upon an updated review, we determined there was not a sufficient market opportunity to justify the investment,” said Ramin Younessi, vice president with responsibility for Caterpillar's Industrial Power Systems Division. “We have not yet started truck production in Victoria, and this decision allows us to exit this business before the transition occurs.”[121]

Engines and gas turbines

[edit]
Twin Caterpillar 3208T engines powering theClogher Headlifeboat (Ireland)

A portion of Caterpillar's business is in the manufacturing of diesel and natural gas engines andgas turbineswhich, in addition to their use in the company's own vehicles, are used as theprime moversinlocomotives,semi trucks,marine vessels, and ships, as well as providing the power source forpeak-load power plantsandemergency generators.

Caterpillar 3116 engine was used up until 1997, when Caterpillar introduced the inline 6 cylinder 7.2 litreCaterpillar 3126engine as its first electronic diesel engine for light trucks and buses.[122]Caterpillar decreased emissions and noise the next year in the 3126B version of the engine, and improved emissions further in 2002 with the 3126E which had an improved high-pressure oil pump and improved electronics.[122]In 2003 Caterpillar started selling a new version of this engine called theC-7to meet increasedUnited States emission standardsthat came into effect in 2004; it had the same overall design as the 3126 version, but with improved fuel injectors and electronics which included its new Advanced Combustion Emissions Reduction Technology (ACERT) system.[122]In 2007, asultra-low-sulfur dieselbecame required in North America, Caterpillar updated the C7 to usecommon railfuel injectors and improved ACERT electronics.[122][123]

In 1998 Caterpillar purchasedPerkins Enginesof Peterborough, England, a maker of small diesel and gasoline engines. Perkins engines are used in various applications. Perkins engine products are dual branded with the Perkins nameplate for both loose and OEM engines, and the CAT nameplate for captive engines within Caterpillar products.

In June 2008, Caterpillar announced it would be exiting the on-highway diesel engine market in the United States before updated 2010U.S. Environmental Protection Agency(EPA)emission standardstook effect,[124]as costly changes to the engines, which only constituted a small percentage of Caterpillar's total engine sales, would be likely.[125]

In October 2010, Caterpillar announced it would buy German engine-manufacturerMWM GmbHfrom3ifor $810 million.[97]

Caterpillar Defense Products

[edit]
Caterpillar Paver at naval aircraft taxiway inJacksonville, Florida
IDF Caterpillar D9armored bulldozer

The Caterpillar Defence Products[126]subsidiary, headquartered inShrewsbury,United Kingdom, provides diesel engines, automatic transmissions, and other parts for the UK'sTitanarmored bridge layer,Trojancombat engineering tank,Terriercombat engineering vehicles,andtank transporters;theRomanianMLI-84armored personnel carrier;and theSwissPiranha IIIlight armored vehicle,which is currently being developed for use by American light armored formations; large fleets of military trucks in both the U.S. and UK; and theCV90family ofinfantry fighting vehiclesused by the armies of Sweden, Norway, Finland, Switzerland, the Netherlands, and Denmark.

This division also provides both propulsion engines and power generation systems to the navalshipbuilding industry,such as the Series 3512B turbocharged V-12 diesel engine for AmericanVirginia-classnuclear submarines.Caterpillar diesel engines are also used inSan Antonio-classamphibious transport docks,SpanishÁlvaro de Bazán-classfrigates,BritishRiver-classoffshore patrol vessels,MexicanSierra-classpatrol boats,[127]andMalaysianKedah-classMEKOA-100 offshore patrol vessels.[128]The poor network security of the Caterpillar engines put the United States' submarine force at risk forcyberattack.[129]In a 2015 interview on cybersecurity, the United States Navy clarified that Caterpillar actually has some of the most secure control systems. It will be used as a model of how the Navy will design cyber protections into its control systems.[130]

TheIsrael Defense Forces' use of highly modifiedCaterpillar D9bulldozers has led to Caterpillar being criticized by anti-Israel activists and some shareholders.[131][132]In particular, theIDF Caterpillar D9was involved in an incident in 2003, in which the American activistRachel Corriewas killed by a bulldozer. A lawsuit against Caterpillar by her family and families of Palestinians, who were also killed by Caterpillar equipment, was unsuccessful.[133][134]A lawsuit againstIsraelandIsraeli Defense Ministrywas rejected by the court, ruling that her death was an accident, caused by restricted field of view from the heavily armored operators' cabin.[135]In 2014Presbyterian Church (USA)sold its shares in Caterpillar citing the use of Caterpillar bulldozers involved indemolition and surveillance activities in the West Bank.[136][137]

Caterpillar Electronics

[edit]

The Caterpillar Electronics business unit has formed Caterpillar Trimble Control Technologies LLC (CTCT), a 50:50 joint venture withTrimble Inc.CTCT develops positioning and control products for earthmoving and paving machines in the construction and mining industries, using technologies such as GNSS, optical total stations, lasers, and sonics. The products are used in a range of applications where the operator of the machine benefits from having accurate horizontal and vertical guidance. CTCT is based inDayton, Ohio,and started its operations on April 1, 2002.

Agriculture products

[edit]

Caterpillar introduced theChallengerrange of agriculturaltractorsas the result of several development programs over a long period of time. The program started in the 1970s and involved both the D6-based units and the Grader power units. A parallel program was also developing wheeled high hp tractors based on using the articulated loading shovel chassis was later merged with the crawler team. The result was the Challenger Tractor and the "Mobi-Trac" system.

The Challenger has been marketed in Europe asClaasmachines since 1997, with Caterpillar marketing the Claas-built Lexion combine range in the USA. Claas and Caterpillar formed a joint venture,Claas Omaha,to buildcombine harvestersin Omaha, Nebraska, USA under theCATbrand. In 2002, Cat sold its stake to Claas, and licensed the use ofCATand the CAT yellow livery to Claas. They are marketed asLexioncombines now.

Also in 2002, Caterpillar sold theChallengertracked tractor business toAGCOand licensed the use of the Challenger and CAT names and livery to them. This ended Cat's venture into agriculture.

Financial products and brand licensing

[edit]
Caterpillar-branded work boots manufactured byWolverine World Wide

Caterpillar provides financing and insurance services to customers via Cat Financial and Caterpillar Insurance Services, both of which are subsidiaries of Caterpillar, Inc. Cat Financial provides retail and wholesale financing for Caterpillar products and services, in addition to other equipment provided or facilitated by the company. The company also generates income through the licensing of the Caterpillar and CAT trademarks and logos.[138][139]

Caterpillar sells the right to manufacture, market, and sell products bearing the Cat trademark to licensees worldwide.Wolverine World Wideis one example, a licensee since 1994 and currently the sole company licensed to produce Cat brandedfootwear.[140]Other licensees sell items including scale models of Cat products, clothing, hats, luggage, watches, flashlights, shovels, knives, fans, gloves, smartphones,[141]and other consumer products.[142][143]

Operations

[edit]

Manufacturing

[edit]
Cat 365Bdemolitionmachine in action

Caterpillar products and components are manufactured in 110 facilities worldwide. 51 of the 110 plants are located in theUnited Statesand 59 of the 110 overseas plants are located inAustralia(until 2015),Belgium,Brazil,Canada,China,Czech Republic,England,France,Germany,Hungary,India,Indonesia,Italy,Japan,Mexico,theNetherlands,Northern Ireland,Poland,Russia,Singapore,South Africa,andSweden.

Caterpillar's historical manufacturing home is inPeoria, Illinois,which also has been the location of Caterpillar's world headquarters and core research and development activities. Although Caterpillar has contracted much of its local parts production and warehousing to third parties, Caterpillar still has four major plants in the Peoria area: theMapletonFoundry, where diesel engine blocks and other large parts are cast; theEast Peoriafactory, which has assembled Caterpillar tractors for over 70 years; theMossvilleengine plant, built afterWorld War II;and theMortonparts facility.

Remanufacturing

[edit]

Major facilities in Latin America:

Distribution

[edit]
Caterpillar D350Darticulated off-road truck

Caterpillar products are distributed to end-users in nearly 200 countries through Caterpillar's worldwide network of 220 dealers. Caterpillar's dealers are independently owned and operated businesses with exclusive geographical territories. Dealers provide sales, maintenance and repair services, rental equipment, and parts[145]distribution.Finning,a dealer based inVancouver, Canada,is Caterpillar's largest global distributor.[146]Gmmco Ltdis India's No. 1 Dealer for Caterpillar Machines.[147]United Tractor & Equipment (Pvt) Limited also known as UTE is the sole authorized dealer of Caterpillar machines and heavy equipment in Sri Lanka.[148]

Most dealers use a management system calledDBSfor their day-to-day operations.

As of the first quarter of 2006, 66% of Caterpillar's sales are made by one of the 63 dealers in the United States, with the remaining 34% sold by one of Caterpillar's 157 overseas dealers.[citation needed]

Management

[edit]

Caterpillar has acorporate governancestructure where thechairman of the boardalso acts as chief executive officer (CEO). The board of directors is fully independent and is made up of non-employeedirectorsselected from outside the company. Severalgroup presidentsreport to the CEO, and multiple vice presidents report to each group president.

The board has three committees: audit; compensation and human resources; governance and public policy.[149]

The behavior of all employees is governed by a code of worldwide business conduct, first published in 1974 and last amended in 2005, which sets the corporate standard for honesty and ethical behavior. Management employees are retested on this code annually.

Current board of directors

[edit]

As of October 2023,the board of directors was composed as follows:[150]

On January 1, 2017,Jim UmplebysucceededDouglas R. Oberhelmanas CEO and Dave Calhoun became non-executive chairman.[152]On December 12, 2018, Umpleby was named chairman of the board as well, reversing Caterpillar's previous decision to split the CEO and chairman position.[153]

Workforce and labor relations

[edit]

As of December 31, 2009, Caterpillar employed 93,813 persons of whom 50,562 are located outside the United States. Current employment figures represent a decline of 17,900 employees compared the third quarter of 2008.[7]Due to the restructuring of business operations which began in the 1990s, there are 20,000 fewerunionjobs in the Peoria, Illinois area while employment outside the U.S. has increased.[citation needed]

In 2020, it was reported that Caterpillar was planning to cut 700 jobs at its Northern Ireland operations.[154]

Labor practices

[edit]

Caterpillar came close to bankruptcy in the early 1980s, at one point losing almost US$1 million per day due to a sharp downturn in product demand as competition with Japanese rivalKomatsuincreased. (At the time, Komatsu used the internal slogan "encircle Caterpillar".)[155]Caterpillar suffered further when the United States declared anembargoagainst theSoviet Unionafter the Soviet invasion ofAfghanistan,causing the company to be unable to sell US$400 million worth of pipelaying machinery that had already been built.[156]

Due to the drastic drop in demand, Caterpillar initiated employeelayoffs,which led to strikes, primarily by the members of theUnited Auto Workers,against Caterpillar facilities inIllinoisandPennsylvania.Several news reports at the time indicated that products were piling up so high in facilities that replacement workers could barely make their way to their work stations.

In 1992, theUnited Auto Workersconducted a five-month strike against Caterpillar. In response, Caterpillar threatened to replace Caterpillar's entire unionized work force. Over ten thousand UAW members struck again in 1994–1995 for 17 months, a record at that time. The strike ended with the UAW deciding to return to work without a contract despite record revenues and profits by Caterpillar.[157]In 1994, Caterpillar offered a contract to the UAW members that would have raised the salary of top workers from $35,000 to $39,000 per year. However, the UAW was seeking the same top wage of $40,000 that was paid to workers atJohn Deere & Companyin 1994.[158]

During the strikes, Caterpillar used management employees in an attempt to maintain production. It suspendedresearch and developmentwork, sending thousands of engineers and other non-bargained for employees into their manufacturing and assembly facilities to replace striking or locked out union members.

Rather than continuing to fight the United Auto Workers, Caterpillar chose to make itself less vulnerable to the traditional bargaining tactics of organized labor. One way was by outsourcing much of their parts production and warehouse work to outside firms. In another move, according to UAW officials and industry analysts, Caterpillar began to execute a "southern strategy".[159]This involved opening new, smaller plants, termed "focus facilities", inright-to-workstates. Caterpillar opened these new facilities inClaytonandSanford, North Carolina;Greenville, South Carolina;Corinth, Mississippi;Dyersburg, Tennessee;GriffinandLaGrange, Georgia;Seguin, Texas;andNorth Little Rock, Arkansas.

In 2012, the company locked out workers at a locomotive plant in London, Ontario, Canada and demanded some accept up to a 50% cut in pay, in order to become cost-competitive with comparable Caterpillar manufacturing facilities in the United States.[160]The move created controversy in Canada, with some complaining the plant was acquired under false pretenses.[161]Retail storeMark's Work Wearhousebegan pulling Caterpillar boots from its shelves as a result.[162]

On May 1, 2012, 780 members of the International Association of Machinists and Aerospace Workers Local Lodge 851 went on strike. An agreement was reached in August, resulting in a 6-year wage freeze. Striking workers expressed anger about the freeze given the company's record 2011 profits and CEO Oberhelman's 60% salary increase.[163]

Coerced labor in Xinjiang

[edit]

In June 2020, it was reported that a Caterpillar clothing wholesaler, Summit Resource International, participates in a Chinese government-run labor transfer scheme that usesforced laborofUyghursininternment camps.[164]

Environmental record

[edit]

Environmental stewardship

[edit]
Cat D7E Electric Drive Dozer becomes the first electrically-driven dozer in the construction industry to use alternating current, 2009.[165]

Caterpillar divisions have won Illinois Governor's Pollution Prevention Awards every year since 1997.[166]Caterpillar was awarded the 2007 Illinois Governor's Pollution Prevention Award for three projects: The Hydraulics and Hydraulic Systems business unit in Joliet implemented a flame sprayed coating for its truck suspension system, replacing a chroming process, reducing hazardous waste by 700,000 pounds (320,000 kg) annually, and saving 14 million US gallons (53,000 m3) of water. Caterpillar's Cast Metals Organization in Mapleton worked with the American Foundry Society to help produce a rule to reduce hazardous waste in scrap metal that meet strict quality requirements, and also allow foundries to continue recycling certain types of scrap and maintain a competitive cost structure. Caterpillar's Mossville Engine Center formed a team to look at used oil reuse and recycle processes that forced MEC to send large amounts of used oil off-site for recycling, and developed an updated system for reclaiming it for reuse on-site. The resulting benefits included a usage reduction of about 208,000 US gallons (790 m3) of oil per year.[167]

In 2004 Caterpillar participated in initiatives such as theUnited States Environmental Protection Agency's National Clean Diesel Campaign program, which encourages retrofitting fleets of older buses and trucks with newer diesel engines that meet higher emissions standards.[168][169]

In 2005, Caterpillar donated $12 million toThe Nature Conservancyin a joint effort to protect and preserve river systems in Brazil, U.S.A., and China.[170]

Caterpillar has, for many years, been a member of theWorld Business Council for Sustainable Developmentbased inGeneva, Switzerland[171]and has been listed on theDow Jones Sustainability World Indexeach year since 2001.[172]

Clean Air Act violation

[edit]

In July 1999, Caterpillar and five otherdiesel enginemanufacturers signed aconsent decreewith theJustice Departmentand theState of California,after governmental investigations revealed violations of theClean Air Act.The violation involves over a million diesel engines sold withdefeat devices,devices that regulated emissions during pre-sale tests, but that could be disabled in favor of better performance during subsequent highway driving. Consequently, these engines "...emit up to triple the permissible level of smog-formingnitrogen oxides(NOx). In 1998 alone, these violating vehicles emitted 1,300,000 short tons (1,161,000 long tons; 1,179,000 t) of additional NOx – an amount equal to the emissions of 65 million cars. "For this reason, Caterpillar was named the" Clean Air Villain of the Month "for August 2000 by theClean Air Trust.[173]The consent decree provided that $83 million be paid in civil penalties and determined new deadlines for meeting emissions standards. Caterpillar, however, was successful in lobbying for an extension of deadlines they considered too severe. Even so, in October 2002, Caterpillar – the only diesel engine company (of those that signed decrees) to fail to meet the new emissions standards deadline – was forced to pay $128 million in per-engine non-conformance penalties.[174]

Carbon footprint

[edit]

Caterpillar reported TotalCO2e emissions(Direct + Indirect) for the twelve months ending 31 December 2020 at 1,521 Kt (-310 /-16.9% y-o-y).[175]Caterpillar plans to reduce emissions 30% by 2030 from a 2018 base year.[176]

Caterpillar's annual Total CO2e Emissions - Location-Based Scope 1 + Scope 2 (in kilotonnes)
Dec 2017 Dec 2018 Dec 2019 Dec 2020
2,154[177] 2,249[178] 1,831[179] 1,521[175]

Controversies

[edit]

Tax deferral techniques

[edit]

In March 2017, when US federal agents raided Caterpillar's headquarters in Peoria Ill., it was already evident that the company engaged in aggressive measures to control tax costs. Since April 2014, the company's tax policies have been investigated by a senate subcommittee headed by SenatorCarl Levin.Those investigations uncovered significant changes in Caterpillar's offshore tax strategy, culminating in the creation of the new Swiss subsidiary Caterpillar SARL (CSARL) inGeneva.In 1999, former Caterpillar executive Daniel Schlicksup accused the company of funneling profits made on replacement parts into Switzerland, even though it had no warehouses or factories there. The Internal Revenue Service found the firm liable for a billion dollars of unpaid taxes for the years 2007 to 2009.[180]

At the same time, the architect of Caterpillar's fiscal strategy,PricewaterhouseCoopers(PWC), came under scrutiny because of PWC's conflict of interest in acting as Caterpillar's controller as well as being its global tax consultant.[181]The Senate uncovered documents from PWC saying the elaborate move was simply a way to evade American taxes. "We are going to have to do some dancing" one said. Another noted, "What the heck, we will all be retired when this comes up on audit."[180]

In January 2023, Caterpillar reached a settlement with theInternal Revenue Serviceand was not ordered to pay any penalties.[182]

Israel Defense Forces sales

[edit]
Further information:IDF Caterpillar D9andIsraeli demolition of Palestinian property

The sale of Caterpillar bulldozers to the Israeli military, and specifically theIDF Caterpillar D9,for use in theoccupied Palestinian territorieshas long drawn criticism from human rights groups, society groups and responsible investment monitors.[183][184]

Amnesty Internationalreleased a report in May 2004 on home demolition in the occupied Palestinian territories that noted the risk of complicity for Caterpillar in human rights violations.[185]The Office of theUN High Commissioner on Human Rightsalso sent a warning letter to the company the next month about its sales of bulldozers to theIsrael Defense Forcesand their use to destroy Palestinian farms.[183][186]Human Rights Watchreported the same year on the systematic use of D9 bulldozers in what they contended were illegal demolitions throughout the occupied territories and called on Caterpillar to suspend its sales to Israel, citing the company's own code of conduct.[187]

The pro-Palestinian groupJewish Voice for Peaceand four Roman Catholic orders of nuns planned to introduce a resolution at a Caterpillar shareholder meeting subsequent to the human rights reports asking for an investigation into whether Israel's use of the company's bulldozer todestroy Palestinian homesconformed with the company's code of business conduct. In response, the pro-Israel advocacy groupStandWithUsurged its members to buy Caterpillar stock and to write letters of support to the company.[188]

The US investment indexerMSCIremoved Caterpillar from three of its indexes for socially responsible investments in 2012, citing the Israeli military's use of its bulldozers in the Palestinian territories.[184][189]In 2017, documents emerged that showed Caterpillar had hiredprivate investigatorsto spy on the family ofRachel Corrie,the American human rights activist who was killed by a D9 bulldozer inRafahin early 2003.[190]In 2022, Stop the Wall called Caterpillar, alongsideHyundai Heavy Industries,JCBandVolvo Group,complicit in Israel's ethnic cleansing of the occupied Palestinian territories through the use of its equipment in the demolition of eight Palestinian villages inMasafer Yattain the southernWest Bank.[191]

Trademark claims

[edit]

Caterpillar Inc. has sought the revocations ofregistered trademarksin the United States incorporating the word "Cat" in markets unrelated to its machinery business, such as "Cat & Cloud" (a cafe inSanta Cruz, California), andKeyboard Cat.The company has faced criticism for this perceived "bullying", especially in cases where the likelihood of confusion is low.[192][193][194]

Defective engines

[edit]

In 2014, Caterpillar paid $46M to settle claims that one of its engines caused a fiery explosion on a ship owned by Bender Shipbuilding and Repair Company Inc.[195]In 2016 Caterpillar paid $60M to settle claims that its bus engines were prone to breakdowns and fires.[196][197]

Advocacy, philanthropy and awards

[edit]

Caterpillar is a member of theU.S. Global Leadership Coalition.A Washington D.C.-based coalition of over 400 major companies and NGOs that advocates for increased funding of American diplomatic and development efforts abroad through the International Affairs Budget.[198]Economic development projects in developing countries (particularly in rural, agricultural regions) serve as new markets for Caterpillar products by improving political and economic stability and raising average incomes. 2011 recipient of theHenry C. Turner Prize for Innovation in Construction Technologyfrom theNational Building Museum.

See also

[edit]

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