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Caterpillar Inc. said Tuesday it will move its global headquarters from Illinois to an existing divisional office in Irving, Texas, in the Dallas-Forth Worth area, in another blow to the Chicago area, which last month lost the Boeing Co. headquarters. The move is “in the best strategic interest of the company,” Chief Executive Jim Umpleby said in a statement. The heavy-machinery maker has had a presence in Texas since the 1960s, it said. Even with the move, Illinois has the largest concentration of Caterpillar CAT, 0.03% employees anywhere in the world, the company said. The headquarters was historically in downstate Peoria, Ill., before a move to the Chicago suburb of Deerfield in 2017.
Summary and audio linked here.
Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.
Expect no retraction or apology. This what they do.
The state’s existing buyout program for its own pensions is the precedent for Chicago, which should be a warning: Look out for similar exaggerated claims and shoddy analysis.
Full interview and summary linked here.
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Why would Caterpillar stay in Illinois — which is the political equivalent of a Human Centipede
That may be the best analogy for the Illinois Combine that this Chumbolone has ever seen. Bravo!
I hope the analogy gets used in a campaign ad
Will the people of Illinois ever get the message?
No, unfortunately… Illannoy is simply too far gone…
It’s only a ‘blow’ if the Democrats care – they do not.
Absolutely correct. They would rather rule over a wasteland as long as they can remain in power.
North Korea, Iran, Venezuela, Russia are example of how one party rule destroys everything good.
Illinois is on a path of total destruction and are politicians just don’t seem to give a damn as long as there fat pockets are lined with cash, legal, or illegal
I hear Freddie Mercury singing “Another one bites the dust” again. It should be the Illinois theme song.
There goes another company leaving because of the weather.
JB in a Cat. Using machinery to move huge masses.
Can’t imagine why CAT said goodbye to Illinois — could it be: — the most business hostile laws/regulations in America — the most burdensome tax structures/tax rates in the US — a failing educational system at all levels — the worst fiscal basket case among all 50 states — out of control crime/soft on crime Democrats that have made law and order impossible — crooked and corrupt unions that have a stranglehold on government — the worst corruption of any state/one party misrule — a Democrat state energy suicide pact that will give Illinois 3rd world power blackouts and last… Read more »
yes, but you can have all the abortions you want
Illinois is increasingly unable to compete with red states. Think it’s bad now, wait till the recession hits.
hahahhahahahahahhahahahahahahahahahahahahahahahahahahhahahahahahahahaha
Illinois deserves this loss.
More businesses to follow.
Caterpillar is in a sophisticated business. Designing and manufacturing quality earth moving equipment involves top flight engineering and technology integration skills. Certainly way beyond my understanding. But from my dealings with them, it is apparent that they run a very sophisticated and impressive financing business, with credit made available over the globe, and with risk management, whether it be addressing counterparty risk or partner risk or currency risk, an ongoing and difficult necessity. Smart HQ people are really essential. I find it interesting that Caterpillar thinks Deerfield – a community with some of the best schools in the state and… Read more »
They’re leaving for all the reasons everyone else leaves. It’s no secret. It’s difficult to recruit national and global talent to work in Illinois, and certainly not Peoria anymore. Our politics are abhorrent to most prospective candidates ever slightly right of ‘progressive’. You know how we look at Oak Park and Evanston and say NO WAY, those places are crazy progressive, never gonna live there!!! That’s exactly how half, likely more than half, the country looks at Illinois. They look at IL the way we look at Evanston. They don’t care to differentiate the nuances between Wheaton’s conservative nature and… Read more »
wait, WHATTTTTTTTTTT? I thought abortion laws made Texas toxic for businesses! JB Pritzker just told us this yesterday!!! He took an informal survey of 50 corporate leaders and half said that Texas was bad, so very bad!!! HOW CAN THIS BE HAPPENING!!! ARGH!!! Is JB lying to us?
Nero is fiddling while Rome burns. Hope that fat slob gets rejected when his private plane lands in New Hampshire.