Caterpillar announced Nov. 5 it is working on a multi-year investment framework that will allow the company to significantly expand its business in China. The first milestone toward implementing the plan was the signing of a memorandum of understanding with PRC’s Shandong Engineering Machinery – the seventh largest wheel loader producer in China. Caterpillar is also engaged in preliminary discussions with other Chinese construction equipment and power systems producers and says they could result in future investments. Glen Barton, chairman and chief executive of Caterpillar, said the company expects these investments to accelerate its expansion in the Chinese market.
Caterpillar to invest in Chinese equipment makers
November 16, 2003