Caterpillar Inc. Plans Global Headquarters In Chicago, Illinois, Area
"Caterpillar's Board of Directors has been discussing the benefits of a more accessible, strategic location for some time," said Caterpillar CEO Jim Umpleby. "Since 2012, about two-thirds of Caterpillar's sales and revenues have come from outside the United States. Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently."
"We value our deep roots in Central Illinois, and Peoria will continue to be our hometown. The vast majority of our people will remain in this important region where we have many essential facilities and functions," added Umpleby. "The new location is also an opportunity to add to our talented team while improving the productivity of our senior leaders."
A limited number of senior executives will move into leased office space in the Chicago area beginning in 2017. Once the new location is fully operational, Caterpillar expects about 300 employees to be based there, which includes some positions relocated from the Peoria area.
According to company officials, as a result of continuing challenging market conditions and the need to prioritize resources to focus on growth, Caterpillar will not build the previously announced headquarters complex in Peoria. The current headquarters building will continue to be used for Caterpillar offices. Peoria, Illinois, area will continue to have largest concentration of Caterpillar employees in the world.
"As mayor, I never want jobs moving out of the city. However, the overwhelming majority of Caterpillar employees and their families based in the Peoria area won't be impacted by this decision. I'm pleased Caterpillar continues to call Peoria its hometown," said Peoria Mayor Jim Ardis.
"If Caterpillar succeeds globally, we win in Central Illinois. I'm disappointed we can't keep every job here, but if moving some of its team near Chicago helps Caterpillar thrive, it will benefit Peoria, our county and the surrounding communities," said Peoria County Board Chairman Andrew Rand.
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