The Metroplex has scored yet another corporate relocation with the announcement that Caterpillar Inc., a global manufacturer of construction and mining equipment, is moving its headquarters to Irving, Texas.
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Caterpillar has been based in Illinois for a century but moved its HQ from Peoria to Deerfield in 2017. The company has had a presence in Texas since the 1960s, but the majority of the company's more than 100,000 employees remain in Illinois, per a Tuesday news release.
"We believe it's in the best strategic interest of the company to make this move, which supports Caterpillar's strategy for profitable growth as we help our customers build a better, more sustainable world," Chairman and CEO Jim Umpleby said in a statement.
Beth Bowman, president and CEO of the Greater Irving-Las Colinas Chamber of Commerce and the Irving Economic Development Partnership, called the move a natural fit in a community that has become known as the "headquarters of headquarters in Texas." The addition of Caterpillar furthers the city's economic development efforts and brings the total number of Fortune 500 global HQs in the area to 10, she added.
"Irving-Las Colinas is a location where companies can have a local address with global access, diverse skilled workers, outstanding infrastructure and amenities," Bowman said in an email to Bisnow. "We look forward to continuing to integrate Caterpillar and its workforce into our community.”
The decision by Caterpillar to leave Illinois is the latest in a string of corporate departures from the state. In early May, aerospace giant Boeing announced plans to move its HQ from Chicago to Arlington, Virginia.
A spokesperson told Peoria Public Radio that Caterpillar didn't request or receive any incentives to move to Irving. The company, which touted $51B in sales and revenues in 2021, will initiate the move to Irving this year.
The station reported Caterpillar moved hundreds of jobs to Irving in 2021 when it relocated its Electric Power division to the city. A spokesperson told WCBU that most of the 230 positions in Deerfield will transition to Irving.
UPDATE, JUNE 14, 4:34 P.M. CT: This story has been updated to include a comment from Beth Bowman.
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