Caterpillar is considering Montgomery, Alabama; Spartanburg, South Carolina; and Winston-Salem, North Carolina for a new facility, the Montgomery Advertiser reports.

"Caterpillar Inc. is considering establishing a significant component manufacturing facility in the Southeastern United States," said company spokesperson Jim Dugan in a written statement. "Over the past several months, a project team has evaluated locations across nine states and has narrowed its search."

The company is expected to decide on a location by August. The project will create approximately 500 jobs.

Caterpillar plans to release more information about the expansion on August 19.