Caterpillar forms leasing company in China

Caterpillar has formed a Beijing-based leasing entity jointly owned by Caterpillar Financial Services, with a 75-percent interest, and Caterpillar (China) Investment, with a 25 percent interest. Caterpillar (China) Financial Leasing will co-locate with CCI in Beijing, and will support Caterpillar dealers in China. Initial leasing could occur as early as the fourth quarter 2004, according to Caterpillar. “Our vision is to have the Caterpillar business model in place in China by the end of the decade,” said Jim Owens, chairman and chief executive of Caterpillar. “The ability to provide leasing services complements Caterpillar’s growing manufacturing presence in China and enables more comprehensive dealer support.”