SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 19, 1997
CATERPILLAR INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
1-768
(Commission File Number)
37-0602744
(IRS Employer I.D. No.)
100 NE Adams Street, Peoria, Illinois
(Address of principal executive offices)
61629
(Zip Code)
Registrant's telephone number, including area code: (309) 675-1000
Item 5. Other Events
Caterpillar Inc.'s growth initiatives, which have propelled
the company to three consecutive years of record sales and
earnings, have boosted the company's need for professional and
technical employees and will require additional office space in
the Peoria area.
"We've hired more people since the beginning of 1996 until
now than in any similar time period in recent company history,"
said Group President Gerald S. Flaherty. "As we continue to add
to our work force to support our growth initiatives, we'll also
be investing to accommodate the additional people."
The company will invest $36 million to renovate three
facilities in Peoria, East Peoria and Mossville; and relocate and
centralize employees to improve efficiencies. The projects will
create an additional 360,000 square feet of office and product
training lab space.
"These investments underscore Caterpillar's commitment to
strengthening our global leadership position from our worldwide
base in Peoria," Flaherty said. "Since the beginning of 1996,
we've hired more than 1,200 new employees, most of whom are
working in the Peoria area in accounting, engineering,
information services and marketing positions. Our world-class
employee team will allow us to continue to meet and anticipate
the needs of customers for products and services that have a
technological edge and a product support and distribution system
that is second to none," Flaherty said.
"This announcement is great news for the Peoria area," said
William Browning, president of the Economic Development Council
for the Peoria Area. "Communities around the country are
actively courting new businesses to bring in the types of jobs
that Caterpillar is continually adding in our community. The
growth in Caterpillar's technical and professional jobs is the
best kind of diversity for this community."
"Once again, Caterpillar has demonstrated its leadership and
dedication to the future growth and development of the entire
Peoria area," said Mayor Bud Grieves. "By creating new jobs and
investing in new office space, Caterpillar is adding to our
economic base the same as a new business coming to town would.
It's great news."
As part of the renovation and relocation process, employees
at the Track-Type Tractors Division will move from their current
location at the Southtown facility on Jefferson Street to a newly
renovated building in East Peoria.
"The Southtown location served us well, but as the company
continues to grow and we've identified other enterprise needs for
this facility, we see real benefit in returning to East Peoria,"
said James E. Despain, vice president responsible for the
Track-Type Tractors Division. "We'll be closer to our
manufacturing locations, yet our division headquarters will still
be under one roof."
East Peoria Mayor Jeff Giebelhausen said, "We're pleased to
have the headquarters for Caterpillar's tractor business back in
East Peoria. These investments on both sides of the river are a
real plus to the combined efforts of our communities to encourage
growth and create new jobs."
Included in the $36 million investment is completion of
Caterpillar's Southtown facility, which will allow many of the
company's product and service support organizations to be located
under one roof. The facility was originally designed for this
purpose. Employees from several locations in Peoria and East
Peoria will move into the Southtown facility once the Track-Type
Tractors Division moves.
"This move will allow us to be more efficient as we continue
to develop and launch our worldwide product support systems to
better assist our dealers and customers," said James Baldwin,
vice president responsible for the Parts & Service Support
Division.
Bids for the work are expected to be let in third-quarter
1997. Renovations are scheduled to begin in fourth-quarter 1997
and be completed in 1999, with some facilities ready for use in
third-quarter 1998.
**********
Caterpillar Inc.
Signs of growth
* The company anticipates average annual real growth of 5 to 7
percent in the next decade, most coming from new products and
expanded coverage.
* Sales and revenues are expected to more than double -- to
more than $30 billion in the next decade.
* New product introductions have increased dramatically in the
last few years. In 1995 and 1996, the company introduced 97
new or improved models to the marketplace.
* Today's products and support systems feature leading edge
technologies that set Caterpillar apart from its competitors.
There's greater emphasis on electronics, diagnostics and
integrated systems and processes than ever before.
* Development, implementation and support of a fully integrated
worldwide information system that links Caterpillar with
dealers, large customers and suppliers is well underway to
create added value through our global distribution system.
* Cat Logistics Services, a subsidiary that provides
third-party logistics using Caterpillar's product
distribution expertise, is seeing double-digit annual revenue
growth.
Certain information in this filing is forward looking and involves
risks and uncertainties that could significantly impact expected
results. A discussion of those risks and uncertainties is contained
in Form 8-K filed with the Securities and Exchange Commission on
July 22, 1997.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CATERPILLAR INC.
By: /s/ R. Rennie Atterbury III
R. Rennie Atterbury III
Vice President
Date: August 19, 1997
