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Monday, September 08, 2008
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Caterpillar announces global sourcing investment boost
Construction-giant Caterpillar is to invest $200 million as it looks to make India its regional sourcing hub in Asia.
The Illinois-based company, who reported a turnover of $44bn in 2007, said the investment would enable it to increase its manufacturing capacity in India over the next four years.
According to a company official, Caterpillar will look to establish a facility in Chennai as the major sourcing hub for its products sold in South-East Asia and Russia.
"The new investment demonstrates company's commitment to Indian customers and the importance of such an emerging market as India," Caterpillar Chairman and C.E.O. Jim Owens said.
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