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Caterpillar Inc.

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Article Genealogy
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Caterpillar Inc.
Caterpillar Inc.
source
NameCaterpillar Inc.
TypePublic
Traded asNYSE: CAT, DJIA component, S&P 100 component, S&P 500 component
IndustryHeavy equipment
Founded15 April 1925 in California, U.S.
FounderC. L. Best, Daniel Best, Benjamin Holt
Hq locationDeerfield, Illinois
Hq location countryUnited States
Area servedWorldwide
Key peopleJim Umpleby (Chairman & CEO)
ProductsConstruction, mining, and military equipment; diesel and natural gas engines; industrial gas turbines; locomotives
Revenue▲ US$67.1 billion (2023)
Operating income▲ US$12.9 billion (2023)
Net income▲ US$10.3 billion (2023)
Assets▲ US$87.5 billion (2023)
Equity▲ US$19.9 billion (2023)
Num employees▲ 113,000 (2023)

Caterpillar Inc. is a global leader in the manufacturing of construction, mining, and energy equipment. Headquartered in Deerfield, Illinois, the company is a component of the Dow Jones Industrial Average and operates through a vast network of dealers worldwide. Its iconic yellow machines and engines are integral to infrastructure development, resource extraction, and power generation across the globe.

History

The company's origins trace back to the early 20th century with the separate innovations of Benjamin Holt and the Best family. Holt, operating in Stockton, California, developed the first practical track-type tractor in 1904 to solve the problem of farming in soft soil. Meanwhile, Daniel Best and later his son C. L. Best were manufacturing steam-powered tractors and harvesters in San Leandro, California. In 1925, the Holt Manufacturing Company and C. L. Best Tractor Company merged to form the Caterpillar Tractor Co. The company weathered the Great Depression, supplied critical equipment to the Allied forces during World War II, and began significant international expansion in the 1950s. It officially changed its name to Caterpillar Inc. in 1986 and has since grown through major acquisitions, including Solar Turbines and Bucyrus International.

Products and services

The company's extensive portfolio includes earthmoving equipment like bulldozers, excavators, and wheel loaders, as well as machines for quarry and mining operations such as off-highway trucks and large mining trucks. Its Energy & Transportation segment produces diesel engines for locomotives, marine vessels, and electric power generation, alongside industrial gas turbines and natural gas engines. The company also manufactures defense and military vehicles through its subsidiary Defense & Federal Products. A global network of independent dealerships provides comprehensive parts, service, and asset management solutions, supported by advanced technologies like Caterpillar Connect and the Cat Product Link system.

Operations and facilities

Caterpillar operates a decentralized business model with principal segments including Construction Industries, Resource Industries, and Energy & Transportation. It maintains major manufacturing facilities across the United States, with significant plants in Peoria, Illinois, Decatur, Illinois, and Lafayette, Indiana. Internationally, key production and research centers are located in Gosselies, Belgium, Tosu, Japan, Piracicaba, Brazil, and Singapore. The company's global parts distribution network is anchored by massive facilities like the Morton, Illinois parts center. Its headquarters moved from Peoria, Illinois to Deerfield, Illinois in 2017, reflecting a strategic shift.

Corporate affairs

The company is led by Chairman and CEO Jim Umpleby and is governed by a board of directors that includes executives like Group President Joseph E. Creed. It maintains a longstanding corporate rivalry with Komatsu and John Deere. Caterpillar's brand is one of the most recognized globally, consistently ranked highly by Interbrand and Forbes. The company engages in numerous corporate social responsibility initiatives, primarily through the Caterpillar Foundation, focusing on sustainable development and poverty alleviation. It has faced scrutiny from agencies like the U.S. Securities and Exchange Commission and the Congressional-Executive Commission on China regarding its international operations.

Financial performance

As a blue-chip stock, it is a bellwether for global industrial activity and capital investment. The company reported record revenues and profits in 2023, driven by strong demand across all segments and favorable price realization. Its financial services arm, Caterpillar Financial Services Corporation, provides financing and insurance to customers and dealers. Performance is closely tied to commodity price cycles in sectors like mining and energy, as well as global infrastructure spending. The company consistently returns capital to shareholders through dividends and share repurchase programs, and its stock is held by major institutions like The Vanguard Group and BlackRock.

Category:Companies listed on the New York Stock Exchange Category:Manufacturing companies based in Illinois Category:Companies established in 1925