PEORIA (dpa-AFX) - Agricultural equipment maker Caterpillar Inc. (CAT), Friday said it is not moving from its headquarters in Peoria, Illinois, but will expand its campus.
CEO Doug Oberhelman announced the decision to a crowd of about 200 people on Friday, February 20.
The company plans to build a a new 31 acre headquarters in the downtown area, which will include a three-tower building. However, the company did not disclose any budget details, although Oberhelman did hint the construction would not start until economic conditions improve.
Illinois Governor Bruce Rauner told the audience that Caterpillar officials could have decided to move away to any place in the world, but decided to stay in Peoria, Illinois.
Previously, Oberhelman had complained about Illinois' business environment during previous governor Pat Quinn's reign. The company had been considering a new headquarters for the past two-and-a-half years.
Copyright RTT News/dpa-AFX