|
The
industrial equipment maker is the second major employer to
announce a move from Illinois after Boeing said last month it
was relocating its headquarters from Chicago to Arlington,
Virginia.
"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," Caterpillar CEO Jim Umpleby said in a
statement.
Caterpillar has been based in Deerfield, Illinois, since 2017,
when it moved from Peoria. Now, it's heading to Texas, which has
attracted a number major business moves over the past several
years, particularly from California.
Illinois and California are considered high-tax states with
challenging regulatory environments for businesses. Texas has no
income tax.
"Caterpillar's global headquarters relocation is a major win for
the people of North Texas and the entire state, now making Texas
home to 54 Fortune 500 corporate headquarters," Texas Gov. Greg
Abbott said in a statement. "I am proud to welcome Caterpillar's
headquarters to Texas and am excited for the economic
opportunities this will create for Texans. Businesses of all
sizes and people from all backgrounds can grow and succeed in
the Lone Star State because we champion a world-class economic
environment fueled by the lowest business operating costs in the
nation, a reasonable regulatory environment, and a lower cost of
living coupled with an exceptional quality of life."
The move will impact about 230 jobs and begin later this year,
Caterpillar said. |
|
