Caterpillar Inc. announced Tuesday that it would be moving its headquarters to Texas. The following statement was posted by the company on its website:
DEERFIELD (IL) – Caterpillar Inc. (NYSE CAT), today announced that it will relocate its global headquarters from Deerfield, Illinois, to its Irving, Texas office.
“We believe that it is in the best strategic interests of the company to move this way, which supports Caterpillar’s strategy for profitable growth, as we help customers build a better and more sustainable world,” stated Chairman and CEO Jim Umpleby.
Since the 1960s, Caterpillar has been present in Texas in several departments of the company. The largest concentration of Caterpillar workers in any country is still found in Illinois.
In 2022, the company will transition its headquarters to Irving.
Market Watch:
The company stated that Illinois still has the highest concentration of Caterpillar Caterpillar CAT employees, -5.44%, worldwide, even after the move. The original headquarters was in the Illinois downstate, Peoria. It was moved to Deerfield, a suburb of Chicago, in 2017.
This announcement comes after Boeing announced in May that it would move from Chicago, Illinois, to Arlington, Virginia. And, of course, Tesla’s move last January from Palo Alto, California to Austin, Texas.
It follows Governor Pritzker’s constant praising of the State’s strong financial performance while he stands for re-election.
The Republicans were not generous with their descriptions.
Illinois Republicans are slamming Gov. J.B. Pritzker was criticized after Caterpillar announced its plans to move its corporate headquarters to Texas. But the governor fired back, saying that Texas is still experiencing increased job growth due to his policies.
House Republican Leader Jim Durkin stated that “Caterpillar’s decision not to return to Illinois, after having called it home for many years, is a devastating loss for Illinois’ business community.” “The reasons for this decision couldn’t have been clearer – Illinois’s business climate no longer works for this company.”
Pritzker’s opponent in the Illinois governor’s race says that this move is yet another reason why Republican leadership is necessary for Illinois.
“This is another reminder that Illinois desperately needs change in Springfield.” Jesse Sullivan, a candidate for the Illinois Senate, stated that self-serving career politicians had sold us out.
Texas Governor Greg Abbott was delighted to hear about the move and issued his own statement.
“Caterpillar’s relocation of its global headquarters is a significant win for North Texas and the state. Texas now has 54 Fortune 500 corporate headquarters. I am proud to host Caterpillar’s Texas headquarters and look forward to the economic opportunities for Texans. We believe that all businesses, regardless of size, can succeed in Texas because it offers a world-class environment for growth and success. This includes low operating costs, reasonable regulations, excellent quality of life, and a favorable regulatory environment. Caterpillar’s move to Irving is a testimony to the endless opportunities Texas offers. I look forward to working with this global leader to make the American Dream a reality.
This is a growing trend.
