In February of 2009, President Obama stated that Jim Owens, the CEO of Caterpillar, Inc., "said that if Congress passes our plan, this company will be able to rehire some of the folks who were just laid off." Caterpillar had announced 22,000 layoffs in January of that year. After the President left the event, Owens said the exact opposite.
Fastforward to today.
Caterpillar opening facility in China
NEW YORK - Caterpillar Inc., the world's largest marker of construction and mining equipment, said Wednesday it plans to open a new facility in Wujiang, China, to build mini hydraulic excavators.
The company currently supplies Chinese customers with mini excavators produced at a facility in Xuzhou, China, and with machines produced in Sagami, Japan.
Work on the new facility in Wujiang is expected to begin in late 2010, pending approvals from governmental officials in Jiangsu province. The company expects to begin making mini excavators in Wujiang in 2012.
The facility will be part of Caterpillar's Building Construction Products Division, which has manufacturing operations in the U.S., Japan, Brazil and the United Kingdom.
"In recent years, Caterpillar and its independent dealers have made significant investments to expand the range of products and components produced in China, increase and improve customer support services, and expand and enhance dealer coverage in every province," the company said in a statement.
Caterpillar is based in Peoria, Ill.
Mark my word it is only a matter of time before this new Chinese plant will be churning out all of Caterpillar's currently American-made machines not just the ones mentioned in the press release. In other news at least you can thank Caterpillar for helping to artificially raise DOW Jones Average since the recession began.