Gov. Perry Attends Grand Opening of Caterpillar Manufacturing Facility
Gov. Rick Perry toured Caterpillar Inc.'s new hydraulic excavator manufacturing plant, which has been expanded thanks to a $1.175 million investment from the Texas Enterprise Fund (TEF) in 2010. Caterpillar has already created 225 new jobs and will generate $200 million in capital investment with the new facility, and plans to continue hiring in Victoria.
"Caterpillar is no stranger to the way we do business here in Texas, and they've made it clear, through commitment after commitment, they like what they see," Gov. Perry said. "We happily return that sentiment and remain committed to our successful formula of low taxes, predictable regulations, fair courts and skilled workforce that has made Texas' jobs climate second to none."
Gov. Perry also congratulated Caterpillar on finding the right place for this facility in Victoria and making the right call to build in Texas, and congratulated Victoria on officially becoming home to this manufacturing center which expands Caterpillar's presence in Texas to include about 3,000 employees.
Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The new plant triples the company's current domestic production capacity for hydraulic excavators, and doubles the number of Caterpillar employees in the U.S. making excavators.
"This new facility in Victoria will help us better serve our customers in North America, and I am thrilled to have the opportunity to meet some of our newest employees and to see first-hand a factory that I am sure will be among the very best we have anywhere in the world," Caterpillar Chairman and CEO Doug Oberhelman said.
In 2008, the company received an $8.5 million investment through the TEF to bring an engine manufacturing facility to Seguin, creating more than 1,400 jobs $111 million in capital investment. Caterpillar also has operating locations across the state, including Amarillo, Channelview, Coppell, Dallas, Denison, De Soto, El Paso, Fort Worth, Garland, Houston, Laredo, Mabank, McAllen, McKinney, Midland, Sherman, Waco and Waskom.
The Legislature created the TEF in 2003 and has re-appropriated funding in every legislative session since then to help ensure the growth of Texas businesses and create more jobs throughout the state. TEF projects must be approved by the governor, lieutenant governor and speaker of the House. The fund has since become one of the state's most competitive tools to recruit and bolster business. To date, the TEF has invested more than $470 million and closed the deal on projects generating more than 63,400 new jobs and more than $22.3 billion in capital investment in the state.
For more information about the TEF, please visit http://www.texaswideopenforbusiness.com/incentives-financing/tef.php.
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