Caterpillar to build new factory in China
NEW YORK: US industrial giant Caterpillar on Wednesday announced plans to open a new factory in China, the latest step in a strategy to establish a strong presence in the world's second-largest economy.
The maker of construction and mining equipment will open a proving ground and large wheel loader manufacturing facility in Tongzhou, just north of Shanghai, Caterpillar said in a statement.
The site will begin operations in the second half of 2012, the company said, without giving the size of its investment.
"This is another important step as Caterpillar continues to invest in its business in China to support our customers who continue to play a role in the transformation of the Chinese economy," Kevin Thieneman, Caterpillar's country manager for China, said in the statement.
Caterpillar already has 16 factories in China, as well as several centers for research and development, logistics and parts.
Strong sales in China and other emerging markets have helped Caterpillar offset the impact of a weak economy in the United States this year.
Copyright AFP (Agence France-Presse), 2011
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