Caterpillar: To Invest $100 Million To Expand Shandong Plant
Caterpillar Inc. (CAT) will invest “just north of” $100 million to triple production capacity at its Shandong unit over three years, and invest $20 million to build the first phase of an R&D center in Wuxi, CEO Jim Owens said at press conference Thursday.
The expansion of Shandong Engineering Machinery, which manufactures wheel loaders, will begin in 2009, Caterpillar said in a statement, without specifying the current or increased production capacity.
The U.S.-based company purchased a minority stake in SEM in 2005, and bought the remaining shares earlier this year.
http://money.cnn.com/news/newsfeeds/articles/djf500/2008082
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