Caterpillar is moving its global headquarters to Chicago. The company announced today it will locate a limited group of senior executives and support functions to the Chicago area later this year. Caterpillar also reaffirmed its ongoing commitment to Peoria and Central Illinois. The company will not build the previously announced headquarter complex in Peoria.
Newly installed CEO Jim Umpleby says Caterpillar will continue to value its deep roots in Central Illinois, and Peoria will continue to be the company’s hometown. Umpleby says the vast majority of Caterpillar staff will remain in the region where it has essential facilities and functions.
Many of Caterpillar’s senior executives will move into leased office space this year. Caterpillar expects about 300 employees to be based there, including some positions relocated from Peoria once the new Chicago based headquarters is fully operational.
Umpleby says Caterpillar's Board of Directors has discussed the benefits of a more accessible, strategic location for some time. He says about two-thirds of Caterpillar's sales and revenues have come from outside the United States Since 2012 and locating the headquarters in a global transportation hub means they can handle business more easily and frequently.
Peoria County Board Chairman Andrew Rand says if Caterpillar succeeds globally, Central Illinois wins. He says if moving some of its team near Chicago helps Caterpillar thrive, it will benefit Peoria County and the surrounding communities.
Peoria Mayor Jim Ardis says he never want jobs moving out of the city, but he is pleased Caterpillar continues to call Peoria its hometown.
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