Caterpillar will continue investing in employee development, product improvements and customer support programs at SEM
Qingzhou City, (ANTARA News/PRNewswire-AsiaNet) - Caterpillar Inc. (NYSE: CAT) has received final regulatory approval and completed the purchase of the remaining shares of Shandong SEM Machinery (SEM), a leading wheel loader manufacturer in China. Caterpillar purchased a minority stake in SEM in 2005 as part of its commitment to support its growing customer base in the Chinese construction equipment industry."Teamwork is one of Caterpillar's core values, and since our initial investment in SEM, we have collaborated with SEM management and with the Shandong and Qingzhou City governments to make improvements in every aspect of the SEM business," said Rich Lavin, Caterpillar group president with responsibility for Caterpillar's business in Asia Pacific. "Caterpillar has worked together with SEM managers and employees to improve workplace safety, employee training, operational excellence, product quality and the product technology of SEM."
In addition to SEM wheel loaders, Caterpillar core products manufactured in China include hydraulic excavators, track-type tractors, motor graders, paving products, large diesel engines used primarily for marine and power generation applications and generator sets for use in China and the Asia Pacific region. Caterpillar also manufactures components at several facilities in China.
"We are pleased to be part of Team Caterpillar and look forward to sustained growth as we continue to produce high quality products that will meet customer's expectations," said SEM Chairman Wang Chunquan. "We have built a very solid foundation with Caterpillar based on mutual trust and respect, and this strong relationship has benefited the Chinese customers who use SEM products every day."
As a responsible corporate citizen, Caterpillar will continue working closely with the provincial and local governments to sustainably develop the SEM business and support the environment. Similarly, Caterpillar will build on the valuable relationships SEM has with local suppliers and dealers.
"We are committed to bringing the greatest value possible to our SEM customers," said Tom Bluth, Caterpillar vice president with responsibility for Asia Pacific manufacturing operations. "We have already started by introducing new models of SEM products and by providing customers with the ability to finance equipment purchases through Caterpillar (China) Financial Leasing Co., Ltd."
In addition to its core machine, engine and component manufacturing locations in China, Caterpillar operations in China also include logistics, remanufacturing, financial leasing, training, marketing and research and development. Caterpillar's independent dealer network also provides sales and product support to customers across greater China.
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2007 sales and revenues of $44.958 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services.
More information is available at http://www.cat.com
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Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will," "expect," "anticipate" or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, changes in economic conditions; currency exchange or interest rates; political stability; market acceptance of the company's products and services; significant changes in the competitive environment; epidemic diseases; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors described in more detail in the company's Form 10-K filed with the Securities and Exchange Commission on February 3, 2007.
This filing is available on our website at http://www.cat.com sec_filings. We do not undertake to update our forward-looking statements.
CONTACT: Jim Dugan,
Corporate Public Affairs of Caterpillar Inc.,
+1-309-494-4100, cell, +1-309-360-7311,
dugan_jim@cat.com, or
Kate Wang,
Corporate Public Affairs
of Caterpillar (China) Investment Co., Ltd.,
+(86-10) 5921 0112, cell, +(86) 1350 108 4027,
wang_kate@cat.com
Web site: http://www.CAT.com
(CAT)
SOURCE: Caterpillar Inc.
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