SINGAPORE, Nov. 19 /PRNewswire/ -- As part of its strategic plan to increase remanufacturing operations and better support the mining market in Asia, Caterpillar Inc. (NYSE: CAT) held a special groundbreaking ceremony today announcing the opening of its new remanufacturing facility in Singapore. The new site will serve as the regional source for remanufactured major components, including mining truck engines, transmissions, final drives and torque converters. The ceremony marked the next phase of Caterpillar's relationship with Singapore's Economic Development Board, who is a primary contributor and supporter of the project.
"The opening of the facility in Singapore is evidence of our ability to provide remanufactured products on a global scale to new markets and customers," said Steve Fisher, Caterpillar vice president with responsibility for remanufacturing. "This new facility increases our global capacity and further demonstrates our commitment to providing remanufactured products to customers around the world."
The facility in Singapore will expand Caterpillar's current remanufacturing operations in the Asia-Pacific region, which includes an existing Caterpillar remanufacturing facility located in Shanghai, China. The new 20,000m(2) (215,168 ft (2)) remanufacturing facility will offer an expanded product portfolio to support the mining market in Asia. The Singapore facility is anticipated to be fully operational by mid-2010. The new operation will be certified by the Singapore Building and Construction Authority (BCA) Greenmark and is planned to receive the U.S. Green Building Council LEED Compliant status.
"Caterpillar's new facility underscores the company's strong partnership with Singapore and reaffirms Singapore's attractiveness and competitiveness as a manufacturing location," said Manohar Khiatani, Assistant Managing Director of the Singapore Economic Development Board. "Remanufacturing is a high growth area in Asia, and Singapore is delighted to play a role in Caterpillar's efforts to develop this exciting market."
The Singapore facility will join 17 other Caterpillar remanufacturing facilities located in the United States, Mexico, Europe and Asia. Caterpillar is one of the world's largest remanufacturers, recycling more than two million pieces and 140 million pounds of core material annually. It uses state-of-the-art remanufacturing technology to recycle used products, such as engines and transmissions, into like-new components.
About Caterpillar
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2007 sales and revenues of $44.958 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. 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 "will," "would," "expect," "anticipate," "should" 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, (i) adverse change in general economic conditions; (ii) adverse change in the industries Caterpillar serves including construction, infrastructure, mining, energy, marine and electric power generation; (iii) Caterpillar's ability to manage material, including steel, and freight costs; (iv) Caterpillar's ability to generate cash from operations, secure external funding for its operations and manage its liquidity needs; (v) material adverse change in customers' access to liquidity and capital; (vi) currency exchange or interest rates changes; (vii) political stability; (viii) market acceptance of the company's products and services; (ix) significant changes in the competitive environment; (x) epidemic diseases; (xi) severe change in weather conditions negatively impacting operations; (xii) changes in law, regulations and tax rates; and (xiii) other general economic, business and financing conditions and factors described in more detail in the company's Form 10-Q filed with the Securities and Exchange Commission on October 31, 2008. This filing is available on our website at http://www.cat.com/sec_filings . We do not undertake to update our forward-looking statements.
For more information, please contact:
Caterpillar Contact:
Kate Wang
Caterpillar (China) Investment Co., Ltd.
Tel: +86-10-5921-0112
Email: wang_kate@cat.com
