News : Business : Caterpillar Moves Asia HQ to Beijing

Caterpillar Moves Asia HQ to Beijing

Wednesday, 22-Nov-2006 08:20AM EDT
Story from AP. Copyright 2006 by The Associated Press (via ClariNet)

PEORIA, Ill. (AP) -- Heavy-equipment maker Caterpillar Inc. is shifting its Asia Pacific headquarters from Tokyo to Beijing.

Vice President Rich Lavin said Tuesday the move represents Caterpillar's increasing commitment to China and reliance on the market's expansion.

"Operational and sales success in China is a critical success factor for the company's long-term growth and profitability," Lavin said in a statement. "This move will help us achieve those goals while contributing to the growth, development and ever-improving quality of life in China."

Including its joint ventures, Caterpillar operates 13 facilities in China and employs more than 5,000 people. Company officials have said they plan to sell the majority of goods made in China in the Chinese market instead of producing them for export.

The company will continue operations in Japan, and the offices of Asia Pacific marketing will remain based in Singapore.

Caterpillar began selling products in China in 1975 and opened its first office in Beijing in 1978.

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