Caterpillar moving global headquarters to Chicago area

Construction equipment giant Caterpillar moving headquarters from Peoria to Chicago.

Caterpillar has announced plans to move its worldwide operations to the Chicago area later this year and will no longer build the Peoria headquarters complex as previously announced.

The company cited "continuing challenging market conditions and the need to prioritize resources to focus on growth" as the reasons behind uprooting from central IL and relocating to a larger, urban setting, such as Chicago.

Over the last five years, even while facing these challenging conditions, Caterpillar, along with its employees and retirees, has contributed more than $60 million to support thousands of families, organizations and programs across Central Illinois. "The new location is also an opportunity to add to our talented team while improving the productivity of our senior leaders". "Locating our headquarters closer to a global transportation hub. means we can meet with our global customers, dealers and employees more easily and frequently". The company will continue its philanthropic support and deep civic involvement in the Peoria area.

Mayor Ardis said in a statement that Peoria will continue to look for ways to expand its economy.

"We're going to talk to them about what their plans ares, but know already today, over the previous year, Caterpillar his moved people into the Merchandise Mart for the city of Chicago", Mayor Emanuel said.

State Rep. Keith Sommer said he and colleagues will work hard to make sure Caterpillar and other major employers stay in the area. Olson says there's a lot more going on in Peoria than just Caterpillar. They have decided that a building is not where the resources are best spent right now.

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