Machines made in East Peoria used for infrastructure projects such as those included in the economic stimulus legislation awaiting final approval in Washington, D.C.
"We are delighted to have President Obama visit our East Peoria manufacturing operations this afternoon," said Caterpillar Chairman and CEO Jim Owens. "Demand for Caterpillar products has dropped sharply in recent months as the global economy has entered a recession. Caterpillar is responding to the downturn and positioning itself for a turnaround in the global economy. The passage of significant stimulus packages in the United States and abroad would help move the global economy toward a recovery, and if these packages are enacted quickly, they could stimulate demand for our products that would hopefully provide Caterpillar the opportunity to recall employees who have been laid off during this downturn."
Owens added, "The tractors and pipelayers made in East Peoria are used for infrastructure and mining projects in the U.S and around the world -- in fact, more than 55 percent of the products made in East Peoria are exported from the U.S. As a bellwether company for the global economy, we are experiencing the unprecedented depth of this still unfolding global recession and we believe strongly a fiscal infrastructure investment will create construction jobs in the near term, and enhance the competitive position of the U.S. in the global economy."
Last week, Owens was named to the President's Economic Recovery Advisory Board, which will provide independent economic advice to the President. During that meeting, Owens invited President Obama to visit a Caterpillar facility.
For many decades, Caterpillar has been a major U.S. exporter, and in 2008, Caterpillar exported more than $16 billion in products from its U.S. facilities. Caterpillar has manufactured track-type tractors in East Peoria for nearly 100 years, and since then, these machines have been used in the development of infrastructure projects such as the U.S. Interstate Highway System, Hoover Dam, the Golden Gate Bridge and many other initiatives across the United States and around the world.
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2008 sales and revenues of $51.324 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at: http://www.cat.com.
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will," "would," "expect," "anticipate," "should" or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, (i) adverse change in general economic conditions; (ii) adverse change in the industries Caterpillar serves including construction, infrastructure, mining, energy, marine and electric power generation; (iii) Caterpillar's ability to manage material, including steel, and freight costs; (iv) Caterpillar's ability to generate cash from operations, secure external funding for its operations and manage its liquidity needs; (v) material adverse change in customers' access to liquidity and capital; (vi) currency exchange or interest rates changes; (vii) political stability; (viii) market acceptance of the company's products and services; (ix) significant changes in the competitive environment; (x) epidemic diseases; (xi) severe change in weather conditions negatively impacting operations; (xii) changes in law, regulations and tax rates; and (xiii) other general economic, business and financing conditions and factors described in more detail in the company's Form 10-Q filed with the Securities and Exchange Commission on October 31, 2008. This filing is available on our website at http://www.cat.com/sec_filings. We do not undertake to update our forward- looking statements.
Web site: http://www.CAT.com/