During a MINExpo corporate briefing at the end of September, Caterpillar announced it would raise machine prices by 3 percent on January 1, following a 3 percent increase this past July. “This is appropriate since we haven’t seen a price increase in five years,” said Gerry Shaheen, group president.
Jim Owens, chairman and chief executive of Caterpillar, also announced the company expects to reach its goal of $30 billion in annual revenues in 2006. “We see four key areas for growth,” Owens said. These include increasing demand for infrastructure, the company’s engine business, its presence in emerging markets such as China and India and growth opportunities on the service side of the business, including Cat Financial and Cat Logistics.
