Caterpillar Inc. said Tuesday it will move its global headquarters from Illinois to an existing divisional office in Irving, Texas, in the Dallas-Forth Worth area, again in the Chicago area, which last month lost its headquarters. of Boeing Co.
The move is “in the best strategic interest of the company,” CEO Jim Umpleby said in a statement. The heavy machinery maker has been present in Texas since the 1960s, he said.
Even with the move, Illinois has the highest concentration of Caterpillar CAT,
employees around the world, the company said. Historically, the headquarters were in downtown Peoria, Illinois, before moving to the Chicago suburbs of Deerfield in 2017.
Caterpillar said it will begin the move this year, without proving further details.
in May he said he was moving his global headquarters to Arlington, Virginia, outside of Washington, DC, promising to maintain a “significant presence” in Chicago, where he moved in 2001 from Seattle.
Texas also welcomed Tesla Inc. TSLA,
last year, with CEO Elon Musk blaming the move for the lack of affordable housing in the San Francisco Bay Area. Tesla was headquartered in Palo Alto, in the heart of Silicon Valley.
Musk had said in 2020 that he had moved to Texas, saying Silicon Valley had “too much influence in the world.”
Shares of Caterpillar were down 0.4% on Tuesday noon trading. Shares have lost about 0.3% so far this year, in contrast to losses of more than 21% of the S&P 500. SPX,