Caterpillar HQ leaving Illinois for Texas

Caterpillar HQ leaving Illinois for Texas

Caterpillar (CAT) has a current dividend yield of 2.32% and is rated as “Very Safe” by SimplySafeDividends. I hold CAT in my Low Yield Portfolio. In total CAT is 1.0% of my portfolio.

The maker of construction and mining equipment said Tuesday that its existing office in Irving, Texas, a suburb of Dallas, would serve as its new global headquarters. Caterpillar said it wasn’t getting any economic or tax incentives related to the headquarters move.

“We believe it’s in the best strategic interest of the company to make this move,” said Caterpillar Chief Executive Jim Umpleby.

The 97-year-old company was based in Peoria, Ill., for decades before shifting its headquarters in 2018 to Deerfield, Ill., a Chicago suburb. Caterpillar said it would begin moving its headquarters to Texas this year.

The move is expected to affect the roughly 230 corporate employees at the company’s headquarters, Caterpillar said, a fraction of its total workforce of nearly 108,000. It is a setback for Chicago and Illinois leaders’ efforts to bring more companies to the city and surrounding area, which has drawn the headquarters of Conagra Brands Inc., Archer Daniels Midland Co. and other companies in recent years.

Caterpillar to move headquarters to Texas from Illinois – WSJ