PEORIA, Ill., Sept. 29, 2016 /PRNewswire/ -- At the
U.S.-Africa Business Forum last week, Caterpillar Inc. (NYSE: CAT)
Chairman and CEO Doug Oberhelman sat
down with Egyptian President Abdel
Fattah el-Sisi to discuss the future of Egyptian rail,
infrastructure and power generation.
"Meeting with President Sisi offered an impressive vision for
the future of Egypt," said
Oberhelman. "Infrastructure development is one of his top
priorities, and we are uniquely positioned to advance these efforts
as Caterpillar has been involved in some of the largest
infrastructure projects in Egypt's
history. While we're proud of our history in Egypt, the country's incredible opportunity
and bright future for investment is where we're focused today.
Egypt is on the move and
Caterpillar is committed to being a central part of the exciting
developments on the horizon."
Caterpillar products helped expand the Suez Canal, while
Caterpillar power generation products provided standby power for
this massive infrastructure project. The company is also powering
the construction of Egypt's
massive Tunnels Projects. Cat machines can also be seen building
thousands of kilometers of new roads as part of Egypt's National Roads project and
actively participating in the construction of the New Capital City
outside Cairo. The rich history
and investment opportunities also extend to rail.
"EMD, our wholly owned rail subsidiary, has been in Egypt since the early 1950s, and today there
are nearly 700 locomotives in operation, designed to run
efficiently in Egypt's unique
environment of high heat and sandy terrain," Oberhelman continued.
"In order to continue supporting this critical market, we're
exploring substantial investments in rail centers to serve
Egypt and surrounding areas,
bringing our rebuild capabilities in country to enhance the
existing fleet."
Caterpillar's Egyptian dealer Mantrac is also a strong
presence in the country. It has more than 1,000 employees along
with 13 branch locations, including state-of-the-art training
facilities, rebuild centers and parts distribution warehouses.
During last week's U.S.-Africa Business Forum, Caterpillar and
its dealers announced their plan to make a major investment in
Africa. As part of that, Mantrac
intends to build a branch that will support the construction of
Egypt's new administrative and
business capital on the outskirts of Cairo.
About Caterpillar
For 91 years, Caterpillar Inc. has
been making sustainable progress possible and driving positive
change on every continent. Customers turn to Caterpillar to
help them develop infrastructure, energy and natural resource
assets. With 2015 sales and revenues of $47.011 billion, Caterpillar is the world's
leading manufacturer of construction and mining equipment, diesel
and natural gas engines, industrial gas turbines and
diesel-electric locomotives. The company principally operates
through its three product segments - Construction Industries,
Resource Industries and Energy & Transportation - and also
provides financing and related services through its Financial
Products segment. For more information,
visit caterpillar.com. To connect with us on social
media, visit caterpillar.com/social-media.
Forward-looking Statements
Certain statements in this
press release relate to future events and expectations and are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. 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 we do not undertake to update our forward-looking
statements.
Caterpillar's actual results may differ materially from those
described or implied in our forward-looking statements based on a
number of factors, including, but not limited to: (i) global and
regional economic conditions and economic conditions in the
industries we serve; (ii) government monetary or fiscal policies
and infrastructure spending; (iii) commodity price changes,
component price increases, fluctuations in demand for our products
or significant shortages of component products; (iv) disruptions or
volatility in global financial markets limiting our sources of
liquidity or the liquidity of our customers, dealers and suppliers;
(v) political and economic risks, commercial instability and events
beyond our control in the countries in which we operate; (vi)
failure to maintain our credit ratings and potential resulting
increases to our cost of borrowing and adverse effects on our cost
of funds, liquidity, competitive position and access to capital
markets; (vii) our Financial Products segment's risks associated
with the financial services industry; (viii) changes in interest
rates or market liquidity conditions; (ix) an increase
in delinquencies, repossessions or net losses of Cat
Financial's customers; (x) new regulations or changes in financial
services regulations; (xi) a failure to realize, or a delay in
realizing, all of the anticipated benefits of our acquisitions,
joint ventures or divestitures; (xii) international trade policies
and their impact on demand for our products and our competitive
position; (xiii) our ability to develop, produce and market quality
products that meet our customers' needs; (xiv) the impact of the
highly competitive environment in which we operate on our sales and
pricing; (xv) failure to realize all of the anticipated benefits
from initiatives to increase our productivity, efficiency and cash
flow and to reduce costs; (xvi) additional restructuring costs or a
failure to realize anticipated savings or benefits from past or
future cost reduction actions; (xvii) inventory management
decisions and sourcing practices of our dealers and our OEM
customers; (xviii) compliance with environmental laws and
regulations; (xix) alleged or actual violations of trade or
anti-corruption laws and regulations; (xx) additional tax expense
or exposure; (xxi) currency fluctuations; (xxii) our or Cat
Financial's compliance with financial covenants; (xxiii) increased
pension plan funding obligations; (xxiv) union disputes or other
employee relations issues; (xxv) significant legal proceedings,
claims, lawsuits or government investigations; (xxvi) changes in
accounting standards; (xxvii) failure or breach of IT security;
(xxviii) adverse effects of unexpected events including natural
disasters; and (xxix) other factors described in more detail under
"Item 1A. Risk Factors" in our Form 10-K filed with the SEC on
February 16, 2016, for the year ended
December 31, 2015.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/caterpillar-affirms-commitment-to-egypts-infrastructure-development-300336218.html
SOURCE Caterpillar Inc.