Caterpillar, Inc.

Categories: News | Companies | Products | Business & Finance
    • Stock symbol: CAT (NYSE)
    • Annual revenue (2007): $44.9 billion
    • Founders: Daniel Best and Benjamin Holt
    • Year established: 1925
    • Industry: Heavy industrial manufacturing
    • Phone: 309-675-1000
    • Fax: 309-675-6155
    • HQ: Peoria, Illinois
    • President/CEO: James W. Owens
    • CFO: David B. Burritt
    • Employees: 112,000 people worldwide as of January 26, 2009BBC News: Caterpillar reveals huge job cuts (January 26, 2009)

  • Caterpillar, Inc., also referred to as CAT, is a multinational industrial manufacturer based in the United States that specializes in heavy machinery for use in construction and mining activities. It also manufactures various diesel and gas engines. The company's equipment has a signature style, featuring their proprietary tread propulsion systems and yellow paint schemes.

    On January 26, 2009, Caterpillar announced it would cut 20,000 jobs in an effort to lower production costs. The company said reducing its workforce would help it "deal with a very challenging global business environment."CNNMoney.com: Caterpillar to cut 20,000 workers

  • Key Dates

    1. April 15, 1925: Benjamin Holt merges his Holt Manufacturing Company with Daniel Best's C. L. Best Gas Traction Company to produce and distribute their tread-driven tractors
    2. 1945: Their products are popularized by U.S. Navy engineers, who use them to build airfields in the Pacific Theater during World War II
    3. 1950: Establishes its first international venture
    4. 1986: Name changes from Caterpillar Tractor Co. to Caterpillar, Inc.
    5. 2009: Announced on January 26 it would cut 20,000 jobsCNNMoney.com: Caterpillar to cut 20,000 workers

  • Quote

    "These are very uncertain times, and it's imperative that we focus Team Caterpillar on dramatically reducing production schedules and costs in light of poor economic conditions throughout the world. While it's painful for our employees and suppliers, it's absolutely necessary given economic circumstances."—Jim Owens, Caterpillar CEOCNNMoney.com: Caterpillar to cut 20,000 workers

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