{"id":10122,"date":"2017-01-31T16:55:16","date_gmt":"2017-01-31T16:55:16","guid":{"rendered":"http:\/\/minutes.machine.market\/?p=10122"},"modified":"2017-01-31T16:55:16","modified_gmt":"2017-01-31T16:55:16","slug":"caterpillar-moving-headquarters-from-peoria-illinois-to-chicago","status":"publish","type":"post","link":"https:\/\/machine.market\/blog\/caterpillar-moving-headquarters-from-peoria-illinois-to-chicago\/","title":{"rendered":"Caterpillar now moving global headquarters to Chicago, scraps new Peoria, IL HQ plans"},"content":{"rendered":"

Caterpillar Inc. has scrapped plans<\/a> to build a new office complex in Downtown Peoria and will move its global headquarters to the Chicago area by the end of the year.<\/p>\n

The upper echelon of executives, including newly installed CEO Jim Umpleby, will begin relocating later this year, with up to 100 employees total moving by year’s end. About 300 employees will work in the new office at an as-yet undecided location once the transition is complete.<\/p>\n

The move comes as the company faces a weak equipment market that has been cutting into its bottom line. Last week, the construction equipment maker reported a wider fourth-quarter loss<\/a> on charges and higher restructuring costs. It has been cutting jobs and facilities over the last several years.<\/p>\n

“As a result of continuing challenging market conditions and the need to prioritize resources to focus on growth, Caterpillar will not build the previously announced headquarters complex in Peoria,” the company said.<\/p>\n

Studies for modernization of the company’s global headquarters that began in 2012 focused almost exclusively on Downtown Peoria and the surrounding region, according to accounts given by Caterpillar at the time.<\/p>\n

Then, in February 2015, the company affirmed its intention to remain local and global when it unveiled plans for a sprawling campus to be built on the Chase Bank building block, across the street from the current headquarters.<\/p>\n

Doug Oberhelman, who retired as CEO at the beginning of the year but remains the chairman of Caterpillar’s Board of Directors through the end of March, said simply at the time: “Caterpillar will stay in Peoria. I repeat, we will stay in Peoria.”<\/p>\n

Much has changed since those plans first were set into motion – to Caterpillar’s plans and bottom line.<\/p>\n

“Locating our headquarters closer to a global transportation hub, such as Chicago, means we can meet with our global customers, dealers and employees more easily and frequently,” said CEO Jim Umpleby.<\/p>\n

Caterpillar said the vast majority of their people will remain in central Illinois.<\/p>\n

\"Cat-Current-Headquarters-Peoria\"

The current Caterpillar building in Peoria will continue to be used.<\/p><\/div>\n

___________________________________________________________________________________________________________________<\/strong><\/p>\n

Archived Article of the Previous Plans<\/strong><\/em><\/p>\n

CATERPILLAR REAFFIRMS ITS COMMITMENT TO ILLINOIS AND PEORIA AS COMPANY\u2019S GLOBAL HEADQUARTERS<\/strong><\/p>\n

https:\/\/www.youtube.com\/watch?v=ZPvkHWnoX-s<\/p>\n

After a multiyear study focused on modernizing its global headquarters, Caterpillar Inc. today reaffirmed it will remain in Peoria, Illinois, and revealed a design that will eventually span 31 acres on the city\u2019s riverfront. The key elements of the campus are:<\/p>\n