PEORIA (dpa-AFX) - Caterpillar Inc. (CAT), a construction, mining, and other engineering equipment maker, said on Wednesday that it plans to invest around $1 billion in North Carolina to expand production capacity for products that support its growing Cat CompactSM business.
The investment includes plans for a new modern manufacturing facility in Sanford, North Carolina, to raise production of compact track loaders and telehandlers.
Rod Shurman, President of Caterpillar Construction Industries Group, said: 'As demand for compact equipment continues to increase, we're investing to better serve this growing segment of customers.'
Compact track loaders and telehandlers are versatile machines used across construction, landscaping, agriculture, and other applications.
CAT was up by 0.67% at $832.40 in the pre-market trade on the New York Stock Exchange.
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