Caterpillar to pour $1 bln into China unit expansion
Caterpillar (China) Investment Co. Ltd. (CCI), a subsidiary of U.S. construction equipment giant Caterpillar Inc., plans to spend $1 billion over the next three to four years to expand the company's production capacity, domestic media reported Feb. 11.
CCI President Kevin Thieneman, quoted in the Beijing-based Economic Observer, expressed confidence that demand for construction equipment from China's mining industry will continue to increase.
Demand will also be bolstered by central government policy to accelerate infrastructure construction and increase urbanization in Western China, Thieneman said in the report.
The expansion will see CCI establish new facilities in Tianjin Municipality and the city of Suzhou, Jiangsu Province, the report stated.