Attached files
| file | filename |
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| EX-3.2 - BYLAW AMENDMENT - CATERPILLAR INC | ex_3-2.htm |
| EX-99.2 - PRESS RELEASE DIVIDEND DECLARATION - CATERPILLAR INC | ex_99-2.htm |
| 8-K - FORM 8K ANNUAL MEETING RESULTS & PRESS RELEASES - CATERPILLAR INC | form8k_amresults-releases.htm |
EXHIBIT 99.1
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News
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June 8, 2010
Caterpillar
contact:
Jim
Dugan
Corporate Public
Affairs
309-494-4100
dugan_jim@cat.com
FOR
IMMEDIATE RELEASE
Caterpillar Announces
Updated Strategy
Customer
Focus, Superior Financial Results and Global Leadership for Machinery and Engine
Business Emphasized
PEORIA, Ill.
– Caterpillar Inc. (NYSE: CAT) executives are unveiling the company’s updated
Vision 2020 strategy to employees, dealers, suppliers and shareholders, setting
the stage for the next phase of the company’s leadership and growth in the
global industries it serves.
For the last five
months, Vice Chairman and CEO–Elect Doug Oberhelman has led a team in updating
the company’s Vision 2020 strategy, which was first introduced by Chairman and
CEO Jim Owens in 2005.
“As we build on our
strategy from 2005 and communicate the direction and goals to our employees,
dealers, suppliers and stockholders, it will become very clear that Caterpillar
will be intensely focused on helping our customers succeed,” Oberhelman
said. “We’ll be driving execution in key areas of the business that
are critical to customers – quality, production capability and
cost.”
The strategy update
includes a vision of the future where:
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Caterpillar
is the recognized leader everywhere it does
business.
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Our products,
services and solutions help our customers
succeed.
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Our
distribution system is a competitive
advantage.
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Our supply
chain is world class.
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Our business
model drives superior results.
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Our people
are talented and live Our Values in
Action.
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Our work
today helps our customers create a more sustainable
world.
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Our financial
performance consistently rewards our stockholders.
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Goals for the next
five years are focused in three areas:
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Delivering
superior results – earnings per share growth, OPACC (Operating Profit
After Capital Charge) and cash
flow.
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Developing
the best team of people – world-class safety and
inclusion.
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Becoming the
global leader everywhere we do business – the quality of our products,
PINS (percent of industry sales) and aftermarket parts
growth.
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“From a stockholder
perspective, our goals are focused on delivering total shareholder returns over
the business cycle in the top 25 percent of the S&P 500,” Oberhelman
said. “To do that, I believe we need to deliver compound annual
earnings per share growth of 15 to 20 percent over the business
cycle. Last year we introduced a 2012 goal of achieving $8 to $10
profit per share, and that’s still our goal for 2012. That level of
performance in 2012 is squarely on the path to delivering the growth that should
place us in the top quartile of the S&P 500,” Oberhelman said.
“I’m personally
energized and ready to take on our competitors. And as we roll out
the strategy to the entire Caterpillar team there are a few key messages that
will emerge,” Oberhelman said. “First, we’re energized, playing
offense and driving to win everywhere in the world. Second, we’re
highly focused on customers – simply put, delivering products and services that
help customers make more money with Caterpillar products than our
competitors. Third, there will be an intense focus on execution and
accountability throughout the company as we deliver for our customers, our
people and our stockholders.”
The company’s
updated strategy is focused on the execution of Caterpillar’s proven business
model. The company will provide more details about the strategy for
investors at its analyst meeting in New York on August 19.
About
Caterpillar:
For more than 85
years, Caterpillar Inc. has been making progress possible and driving positive
and sustainable change on every continent. With 2009 sales and
revenues of
$32.396 billion, Caterpillar is the world’s leading
manufacturer of construction and mining equipment, diesel and natural gas
engines and industrial gas turbines. The company also is a leading
services provider through Caterpillar Financial Services, Caterpillar
Remanufacturing Services, Caterpillar Logistics Services and Progress Rail
Services. More information is available at: http://www.cat.com.
Forward-Looking
Statements
Certain statements
in this press release relate to future events and expectations and, as such,
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
subject to known and unknown factors that may cause actual results of
Caterpillar Inc. to be different from those expressed or implied in the
forward-looking statements. Words such as “believe,” “estimate,” “will be,”
“will,” “would,” “expect,” “anticipate,” “plan,” “project,” “intend,” “could,”
“should” or other similar words or expressions often identify forward-looking
statements. All statements other than statements of historical fact
are forward-looking statements, including, without limitation, statements
regarding our outlook, projections, forecasts or trend descriptions. These
statements do not guarantee future performance, and Caterpillar does not
undertake to update its forward-looking statements.
It
is important to note that actual results of the company may differ materially
from those described or implied in such forward-looking statements based on a
number of factors, including, but not limited to: (i) economic volatility
in the global economy generally and in capital and credit markets;
(ii) Caterpillar’s ability to generate cash from operations, secure
external funding for operations and manage liquidity needs; (iii) adverse
changes in the economic conditions of the industries or markets Caterpillar
serves; (iv) government regulations or policies, including those affecting
interest rates, liquidity, access to capital and government spending on
infrastructure development; (v) commodity price increases and/or limited
availability of raw materials and component products, including steel;
(vi) compliance costs associated with environmental laws and regulations;
(vii) Caterpillar’s and Cat Financial’s ability to maintain their
respective credit ratings, material increases in either company’s cost of
borrowing or an inability of either company to access capital markets;
(viii) financial condition and credit worthiness of Cat Financial’s
customers; (ix) material adverse changes in our customers’ access to
liquidity and capital; (x) market acceptance of Caterpillar’s products and
services; (xi) effects of changes in the competitive environment, which may
include decreased market share, lack of acceptance of price increases, and/or
negative changes to our geographic and product mix of sales;
(xii) Caterpillar’s ability to successfully implement Caterpillar
Production System or other productivity initiatives; (xiii) international
trade and investment policies, such as import quotas, capital controls or
tariffs; (xiv) failure of Caterpillar or Cat Financial to comply with
financial covenants in their respective credit facilities; (xv) adverse
changes in sourcing practices for our dealers or original equipment
manufacturers; (xvi) additional tax expense or exposure;
(xvii) political and economic risks associated with our global operations,
including changes in laws, regulations or government policies, currency
restrictions, restrictions on repatriation of earnings, burdensome tariffs or
quotas, national and international conflict, including terrorist acts and
political and economic instability or civil unrest in the countries in which
Caterpillar operates; (xviii) currency fluctuations, particularly increases
and decreases in the U.S. dollar against other currencies; (xix) increased
payment obligations under our pension plans; (xx) inability to successfully
integrate and realize expected benefits from acquisitions;
(xxi) significant legal proceedings, claims, lawsuits or investigations;
(xxii) imposition of significant costs or restrictions due to the enactment
and implementation of health care reform legislation and proposed financial
regulation legislation; (xxiii) changes in accounting standards or adoption
of new accounting standards; (xxiv) adverse effects of natural
disasters; and (xxv) other factors described in more detail under “Item
1A. Risk Factors” in Part I of our Form 10-K filed with the SEC on
February 19, 2010 for the year ended December 31, 2009 and in Part II of our
Form 10-Q filed with the SEC on May 3, 2010 for the quarter ended March 31,
2010. These filings are available on our website at
www.cat.com/sec_filings.