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Caterpillar Moves Asia Pacific Operations Headquarters to Beijing

Caterpillar Inc.
2006-11-21 12:00 5221

Decision Aligns With Caterpillar’s Enterprise Strategy

BEIJING, Nov. 21 /Xinhua-PRNewswire/ -- Caterpillar Inc. (NYSE: CAT)

announced today it is moving its Asia Pacific Operations headquarters to

Beijing, China. Caterpillar Vice President Rich Lavin, who has

administrative responsibility for operations in Caterpillar’s Asia Pacific

Division, will relocate from Tokyo, Japan, to Caterpillar’s Beijing offices

as part of this decision.

"Caterpillar is growing in China, and moving our Asia Pacific Operations

headquarters to Beijing will provide a sharper focus for operational

excellence for Team Caterpillar," said Lavin. "Operational and sales success

in China is a critical success factor for the company’s long-term growth and

profitability. This move will help us achieve those goals while contributing

to the growth, development and ever-improving quality of life in China."

The Caterpillar Board of Directors elected Lavin vice president of

operations for the Asia Pacific Division effective July 1, 2004. In this

role Lavin serves as chairman of Shin Caterpillar Mitsubishi Ltd. and has

administrative responsibility for operations in the region, including

manufacturing facilities in China, India, Indonesia and Japan. Lavin’s move

to Beijing is effective immediately. Caterpillar’s Asia Pacific Marketing

Division headquarters will remain based in Singapore.

In October of 2005, Caterpillar Chairman and CEO Jim Owens outlined

Caterpillar’s new enterprise strategy and goals for delivering Caterpillar’

s Vision 2020. As part of that strategy, China was listed as one of seven

critical success factors needed for Caterpillar to achieve its new strategy.

"China is clearly a key element of our future strategy, and we are

rapidly expanding our business in support of the growing number of customers

who are helping to build, develop and modernize China’s infrastructure and

economy," said Stu Levenick, Caterpillar group president with responsibility

for Asia. "The movement of our Asia Pacific Operations headquarters to China

is a clear indication of China’s strategic importance to Caterpillar and our

desire to expand our manufacturing base and enhance support for customers in

this critical market and elsewhere."

Today, Caterpillar operates 13 China-based facilities -- both joint

venture and wholly owned businesses -- which, together with its network of

independent Caterpillar dealers, offer customers in China the best-in-class

products, services and support that have made Caterpillar a global leader.

The world’s most populous nation has undergone an economic growth and

expansion that is unprecedented in modern times, and expected future growth

in China makes it the single largest opportunity for potential future sales

for many Caterpillar products.

Caterpillar has a long history in China. The company sold its first

products there in 1975 and opened an office in Beijing in 1978. Beijing is

home to Caterpillar’s marketing headquarters for China, and it is also the

headquarters for Cat China Financial Leasing.

In the 1980s, Caterpillar launched technology transfer agreements with

Chinese manufacturers who began building Caterpillar licensed products.

Caterpillar’s expansion in China accelerated in the early 1990s with the

establishment of a more significant local production strategy.

For more than 80 years, Caterpillar Inc. has been making progress

possible and driving positive and sustainable change on every continent.

With 2005 sales and revenues of $36.339 billion, Caterpillar is the world’s

leading manufacturer of construction and mining equipment, diesel and natural

gas engines and industrial gas turbines. More information is available at

http://www.CAT.com/ .

SAFE HARBOR

Certain statements in this release relate to future events and

expectations and as such constitute forward-looking statements involving

known and unknown factors that may cause actual results of Caterpillar Inc.

to be different from those expressed or implied in the forward-looking

statements. In this context, words such

as "expects," "anticipates," "intends," "plans," "believes," "seeks," "will,"

or other similar words and phrases often identify forward-looking statements

made on behalf of Caterpillar. It is important to note that actual results

of the company may differ materially from those described or implied in such

forward looking statements based on a number of factors and uncertainties,

including, but not limited to, changes in economic conditions, currency

exchange rates or political stability; market acceptance of the company’s

products and services; significant changes in the competitive environment;

changes in law, regulations and tax rates; and other general economic,

business and financing conditions and factors described in more detail in the

company’s filings with the Securities and Exchange Commission, including the

quarterly report filed on Form 10-Q with the Securities and Exchange

Commission on November 2, 2006. We do not undertake to update our forward-

looking statements.

Source: Caterpillar Inc.
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