Caterpillar Inc. will move its global headquarters from Deerfield to an existing office in Irving, Texas, the company announced Tuesday.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” Caterpillar Chairman and CEO Jim Umpleby said in a statement.
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The move is expected to affect about 230 employees in the Deerfield office, the majority of whom will be relocated to Texas over time, spokeswoman Kate Kenny said.
The mining and construction equipment-maker will begin transitioning its headquarters this year. Kenny did not provide a specific time frame for the move, but said the company has a lease for its Deerfield office that would “allow for an orderly and flexible transition for our employees,” and company leaders will work with employees individually.
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Caterpillar has offices and manufacturing locations throughout Illinois, including an office in Chicago, and Kenny said the move will not affect any other Chicago-area locations. Illinois is expected to remain the largest concentration of Caterpillar employees in the world, with more than 17,000 employees in the state, most of them near Peoria.
The announcement comes more than five years after the mining and construction equipment manufacturer said it would move its headquarters from Peoria to Deerfield. The company took over the former headquarters of alcoholic beverage-producer Beam Suntory, which moved to downtown Chicago.
At the time, Umpleby cited Deerfield’s proximity to O’Hare International Airport and accessibility to Chicago.
“Following a thorough site selection process, we chose this location because it is approximately a 20-minute drive to O’Hare airport and convenient to the city of Chicago via commuter train, achieving our goal to be more accessible to our global customers, dealers and employees,” he said at the time. “This site gives our employees many options to live in either an urban or suburban environment.
“We know we have to compete for the best talent to grow our company, and this location will appeal to our diverse, global team, today and in the future.”
Caterpillar did not receive any incentives from the village of Deerfield or the state when it moved, the Tribune reported at the time.
Caterpillar’s announcement comes slightly more than a month after defense contractor and airplane-maker Boeing said it would move its headquarters out of Chicago, but would continue to employ hundreds of people in the city.
“The global competitive and market environments we face as a company are always changing, and we continuously evaluate and update our global footprint, including office locations, to best serve our business and talent needs,” Kenny said in an email.
The company will follow other major corporations that have left Lake County suburbs in recent years. Takeda Pharmaceuticals announced in 2018 it would close its Deerfield headquarters, and in 2019 Mondelez said it would move its headquarters from Deerfield to Chicago.
Insurance giant Allstate reached an agreement in late 2021 to sell its longtime headquarters near Northbrook, as many employees have worked remotely during the pandemic.
Walgreens Boots Alliance continues to be headquartered in Deerfield, but the company announced plans in 2018 to move many employees to Chicago.
In a statement, Gov. J.B. Pritzker called Caterpillar’s move “disappointing,” and said the state was adding new small businesses and large and midsize corporations.
“It’s disappointing to see Caterpillar move their 240 headquarters employees out of Deerfield over the next several years when so many companies are coming in,” he said.
www.chicagotribune.com
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” Caterpillar Chairman and CEO Jim Umpleby said in a statement.
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The move is expected to affect about 230 employees in the Deerfield office, the majority of whom will be relocated to Texas over time, spokeswoman Kate Kenny said.
The mining and construction equipment-maker will begin transitioning its headquarters this year. Kenny did not provide a specific time frame for the move, but said the company has a lease for its Deerfield office that would “allow for an orderly and flexible transition for our employees,” and company leaders will work with employees individually.
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Caterpillar has offices and manufacturing locations throughout Illinois, including an office in Chicago, and Kenny said the move will not affect any other Chicago-area locations. Illinois is expected to remain the largest concentration of Caterpillar employees in the world, with more than 17,000 employees in the state, most of them near Peoria.
The announcement comes more than five years after the mining and construction equipment manufacturer said it would move its headquarters from Peoria to Deerfield. The company took over the former headquarters of alcoholic beverage-producer Beam Suntory, which moved to downtown Chicago.
At the time, Umpleby cited Deerfield’s proximity to O’Hare International Airport and accessibility to Chicago.
“Following a thorough site selection process, we chose this location because it is approximately a 20-minute drive to O’Hare airport and convenient to the city of Chicago via commuter train, achieving our goal to be more accessible to our global customers, dealers and employees,” he said at the time. “This site gives our employees many options to live in either an urban or suburban environment.
“We know we have to compete for the best talent to grow our company, and this location will appeal to our diverse, global team, today and in the future.”
Caterpillar did not receive any incentives from the village of Deerfield or the state when it moved, the Tribune reported at the time.
Caterpillar’s announcement comes slightly more than a month after defense contractor and airplane-maker Boeing said it would move its headquarters out of Chicago, but would continue to employ hundreds of people in the city.
“The global competitive and market environments we face as a company are always changing, and we continuously evaluate and update our global footprint, including office locations, to best serve our business and talent needs,” Kenny said in an email.
The company will follow other major corporations that have left Lake County suburbs in recent years. Takeda Pharmaceuticals announced in 2018 it would close its Deerfield headquarters, and in 2019 Mondelez said it would move its headquarters from Deerfield to Chicago.
Insurance giant Allstate reached an agreement in late 2021 to sell its longtime headquarters near Northbrook, as many employees have worked remotely during the pandemic.
Walgreens Boots Alliance continues to be headquartered in Deerfield, but the company announced plans in 2018 to move many employees to Chicago.
In a statement, Gov. J.B. Pritzker called Caterpillar’s move “disappointing,” and said the state was adding new small businesses and large and midsize corporations.
“It’s disappointing to see Caterpillar move their 240 headquarters employees out of Deerfield over the next several years when so many companies are coming in,” he said.
Caterpillar to move headquarters to Texas, marking second major corporate departure from Illinois in 6 weeks
Caterpillar Inc. will move its global headquarters from Deerfield to an existing office in Irving, Texas, the company announced Tuesday
