Posted on 02/09/2012 6:52:11 AM PST by 1rudeboy
PEORIA -- Caterpillar Inc. will not be building its new North American plant anywhere in the state of Illinois, officials with the company told local leaders Tuesday, with part of the reason being continued concerns about the business climate in the state.
The company will instead focus on a location closer to its division headquarters in Cary, N.C., Peoria County officials were told in an email sent to them shortly after the close of business and later obtained by the Journal Star. The plant stood to bring with it from Japan roughly 1,000 jobs manufacturing track-type tractors and mini hydraulic excavators.
Peoria County had submitted a regional proposal for the facility at the end of last year, and the Galesburg area also had a proposal on the table for the manufacturer. Peoria's proposal reportedly included economic incentives as well as a promise of a legislative effort to establish a tax increment financing district to benefit the company.
At its core, Caterpillar's decision reflects some concerns its officials had previously expressed about the economic condition of the Land of Lincoln.
"Please understand that even if your community had the right logistics for this project, Caterpillar's previously documented concerns about the business climate and overall fiscal health of the state of Illinois still would have made it unpractical for us to select your community for this project," the letter reads in part. "Caterpillar intends to continue calling for long-term changes in Illinois and to offer help to the state as it works toward real and fundamental reforms that will position communities like yours to compete for future projects."
(Excerpt) Read more at finance.comcast.net ...
And now Indiana just over the border is a right-to-work state although it sounds like Caterpillar was also looking for access to a port in this case.
Like what? Make really crappy tanks? LOL
If you are trying to make a point about the value (or lack thereof) of government incentives, you are choosing an odd way to do so—by implying that it’s Caterpillar’s fault it is not locating in Illinois.
lol.
No. I think this case shows that even a place like Illinois with its anti-business atmosphere and policies couldn’t offer enough subsidies to make it worth CAT’s while.
Indiana has a port on the south shore of Lake Michigan. Conveniently located near some remnants of our heavy industry. Unfortunately, it is Lake County, where democrats and unions are still strong.
Yeah, if they need a port then they are headed south. By the way, I like it that they want to be near a port. Can you say “Exports?”
Come to Georgia....
I think the article failed to state the obvious. Not going to ever build in Illinois again because of the UAW
Indiana is supposedly getting the diesel work from Canada.
http://www.cbc.ca/news/canada/toronto/story/2012/02/04/toronto-electro-motive-plant-closure.html
Cat has had a long term policy of reducing UAW jobs in IL and building most new capacity elsewhere.
As a share holder in Cat..I think they should look at moving the HQ to Switzerland or Singapore. It would reduce their overall tax burden since most of their profit comes from outside the US.
Hmmm...Did Cat thought about the other ‘56’ states?? (I am still trying to find them on the map and are they right to work states?)
Iworked at cat ten yrs. Great co.
You are correct.
By the way, I like it that they want to be near a port. Can you say “Exports?”
We are going to survive despite Obama's best efforts.
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