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Headquarters:
100 N.E. Adams St.
Peoria, Illinois 61629
Employees: 112,887
CEO: Jim Owens
Stock Symbol: CAT
Website:
http://www.cat.com
Company News
Career Site
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.
Caterpillar products and components are
manufactured in 49 U.S. facilities and in 59 other locations
in 22 countries around the globe. The company practices Six Sigma
philosophy for quality.
Caterpillar sells its products through
a global dealer network. Rental services are available at 1,400
outlets worldwide.
In 2008, the company reported record revenues of $51.3 billion and net income of $3.55 billion.
Caterpillar's worldwide employment was 112,887 at the end of 2008, up 11,554 from a year ago. Of the increase, approximately 5,500 were the result of consolidating Cat Japan and about 1,300 were the result of acquisitions. The remaining increase of 4,800 employees primarily supported growth and new product introductions.
The company has reported a nearly 25% drop in sales in the fourth quarter of 2008 and is expecting a weak economy in 2009. Caterpillar said it will implement the following cost-cutting actions this year:
-- Voluntary and involuntary separations and layoffs of about 4,000
full-time production employees. Depending on business conditions
more layoffs may be required as the year unfolds.
-- Sharp declines in overtime work. Factory overtime is a key element
of volume flexibility and many facilities were working high levels
of overtime through most of 2008.
-- Several facilities have shortened workweeks, and thousands of
employees have been, or will be, affected by temporary layoffs and
full and partial plant shutdowns.
-- Elimination of almost 8,000 temporary, contract and agency workers.
While these workers are a key element of our "flexible workforce"
they are not included among the 112,887 full-time employees at year
end.
-- Voluntary separations of about 2,500 support and management
employees.
-- Additional layoffs or separations of as many as 5,000 support and
management employees.
-- Hiring freezes and suspension of salary increases for most support
and management employees.
-- Significant reductions in total compensation for executives / senior
managers.
History
1890.
Benjamin Holt and Daniel Best experimented with various forms
of steam tractors for use in farming. They did so separately,
with separate companies.
1904. Holt's first steam track-type tractor.
1906. Holt's first gas track-type tractor.
1915. Holt "Caterpillar" track-type tractors
are used by the Allies in World War I.
1925. The Holt Manufacturing Company and the C. L. Best
Tractor Co. merge to form Caterpillar Tractor Co.
1986.
The Caterpillar Tractor Co. changes its name to Caterpillar Inc.
- a more accurate reflection of the enterprise's growing diversity.
Benefits
The company offers the following benefits
to employees in addition to incentive pay:
100% Matching on 401(k) contributions. Caterpillar offers a dollar for dollar match
up to 6% of pay contributed to the 401(k) plan that allows you
to save money on a pre-tax basis and lets you choose how to invest
your savings in several different mutual funds.
Portable Pension Equity Plan. Retirement may still be
many years away for you. Even so, you should keep in mind that
our Portable Pension Equity Plan (effective January 1, 2003)
offers you a rich benefit, providing you a safety net, in conjunction
with your 401(k) to provide you with a secure retirement.
Paid Vacation and Personal Time. Everybody needs time
off. Caterpillar provides you with paid time off for vacation,
personal days, holidays, bereavement and jury duty. Paid time
off policies vary at different locations.
Learning and Development. Caterpillar strives to improve
the performance of Caterpillar employees, suppliers, dealers
and customers. You have a variety of learning opportunities at
Caterpillar ranging from hundreds of online e-learning titles
to classroom courses that help you develop your skills. Caterpillar
also offers a competitive reimbursement program for employees.
Comprehensive Medical, Dental, and Vision Coverage. We
provide comprehensive, affordable medical coverage through a
network of physicians, hospitals and other providers. Coverage
at most facilities includes dental and vision care for you and
your family.
Healthy Balance. We know that it's hard to balance your
health needs with your other responsibilities. That's why this
program gives you resources to identify lifestyle choices that
impact your health, and suggests actions you can take to reduce
health risks. The program also helps you make everyday health
decisions through our toll-free phone service staffed by experienced
registered nurses.
Life and Disability Insurance. No one likes to think about
this stuff. But we've thought about it, and at most locations,
we offer a plan that provides basic term life insurance equal
to two times your annual salary. You'll have the option to purchase
more coverage at group rates. If you are ever unable to work
because of an injury or illness, you'll continue to receive your
salary for up to six months. 50% of your salary is paid after
six months for as long as you are unable to work until you're
65.
Updated January 26, 2009
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