Caterpillar has announced a decision to locate its global headquarters in the Chicago area, moving a limited group of senior executives and support functions to the Windy City later this year.
“Caterpillar’s board of directors has been discussing the benefits of a more accessible, strategic location for some time,” said Caterpillar CEO Jim Umpleby in a statement from the company. “Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States. Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently.”
The American machinery powerhouse, however, reaffirmed the ongoing importance of its presence in Peoria in central Illinois, where the company began and where its headquarters have so far been situated.
“We value our deep roots in Central Illinois, and Peoria will continue to be our hometown. The vast majority of our people will remain in this important region where we have many essential facilities and functions,” added Umpleby. “The new location is also an opportunity to add to our talented team while improving the productivity of our senior leaders.”
As a result of continuing challenging market conditions and the need to prioritise resources to focus on growth, Caterpillar will not build a previously announced headquarters complex in Peoria. The existing building will continue to be used for Caterpillar offices, the statement added.
Some of the company’s senior executives will move into leased offices in Chicago beginning in 2017. Once the new location is fully operational, Caterpillar expects about 300 employees to be based there, which includes some positions relocated from the Peoria area.
