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Caterpillar Studies Its Peoria HQ’s Future

The company has clashed with the Illinois governor over taxes


The world’s largest maker of mining and construction equipment maker is reevaluating its headquarters, prompting local fears it may move from Peoria, Ill. Caterpillar (NYSE:CAT) said it will consider plans to renovate its headquarters, which was built in 1967. However, a company spokesman said that “all options are open” regarding its final decision.

The spokesman added that Caterpillar is a substantially different company in 2012 than it was in 1967, the Associated Press noted. In 1967, Caterpillar had $1.4 billion in sales, virtually all derived from the U.S. market. Today, more than half of its $60.1 billion annual sales are generated overseas.

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Caterpillar said it would take three to five months to evaluate potential options for its headquarters.

The company contributes 3,200 jobs to Peoria’s economy. Management has openly criticized Illinois Governor Pat Quinn over his economic policies, including tax hikes, and has hinted it could move out of the state. It chose Georgia over Illinois as the location for a new manufacturing plant earlier this year.

Caterpillar shares slipped about 1% in early Tuesday morning trading.

Article printed from InvestorPlace Media,

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