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Caterpillar to move global headquarters from Illinois to Texas

Stock Markets Jun 14, 2022 07:21PM ET
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2/2 © Reuters. FILE PHOTO: A Caterpillar corporate logo is pictured on a building in Peoria, Illinois, U.S. March 19, 2017. REUTERS/Carlo Allegri/File Photo 2/2

By Bianca Flowers

(Reuters) -Caterpillar Inc said on Tuesday it would move its global headquarters to a Dallas suburb from the construction equipment maker's century-long home in Illinois.

Caterpillar (NYSE:CAT) did not say why it was moving the headquarters to Irving, Texas, from Deerfield, Illinois, a Chicago suburb. It said in an emailed statement it did not seek or receive incentives for the relocation.

The company is the latest big manufacturer to exit Illinois. Last month, aerospace giant Boeing (NYSE:BA) announced it would move its corporate headquarters from Chicago to Arlington, Virginia.

Texas, meanwhile, has been steadily attracting companies that have decided to relocate their headquarters, particularly from California. The state is known for its lower labor costs and less stringent regulation.

A company spokesperson for Caterpillar said most of its 230 employees based in Deerfield will move to the new headquarters over time. Caterpillar will maintain its presence in Illinois, where it has more than 17,000 employees, the spokesperson said.

CAT hosted its bi-annual Investor's Day in Grapevine, Texas, last month. The machinery maker's electric power division already operates out of its office in Irving, Texas.

Texas Governor Greg Abbott said on Twitter (NYSE:TWTR) his state is a "perfect fit for this international brand," saying many large companies had headquarters there.

Last year, electric vehicle maker Tesla (NASDAQ:TSLA), which counts California as its biggest U.S. market, moved its headquarters from California to Texas. Tesla Chief Executive Elon Musk also moved his personal residence from California to Texas, which has no state income tax.

A wider talent pool and generous tax breaks have been the biggest draw for companies moving to Texas, said Matt Arnold, an equity analyst at Edward Jones.

"Illinois has been losing employers based on taxation and regulations that aren't necessarily the most friendly to businesses," Arnold said.

Caterpillar to move global headquarters from Illinois to Texas
 

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Comments (2)
Trevor Roberts
LimitUp Jun 14, 2022 7:27PM ET
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Liberalism in the US is a slow rot so people have a hard time putting 2 and 2 . What makes it slow is the Fed propping up bad policies then balancing when you get good policy. This is a nugget, dont believe at least store in the back of your mind for another time.
Jack Nicholson
Jack Nicholson Jun 14, 2022 7:01PM ET
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I wonder why lol
Tan Meng
Tan Meng Jun 14, 2022 7:01PM ET
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cut cost ¿
 
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