Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. With more than US$89 billion in assets, Caterpillar was ranked number one in its industry and number 44 overall in the 2009 Fortune 500.
Caterpillar stock is a component of the Dow Jones Industrial Average. Caterpillar Inc. traces its origins to the 1925 merger of the Holt Manufacturing Company and the C. L. Best Tractor Company, creating a new entity, the California based Caterpillar Tractor Company. In 1986, the company re-organized itself as a Delaware corporation under the current name, Caterpillar Inc. Caterpillar’s headquarters are located in Peoria, Illinois, United States.
The Caterpillar Tractor Company had its origins in two California-based agricultural-equipment companies headed respectively by Charles Holt and Daniel Best in the late 19th century. By the 1890s both firms were making steam-driven wheeled tractors and harvesters to replace horse-drawn harvesting machines on large farms. Benjamin Holt, one of several brothers in the Holt Manufacturing Company, invented the familiar “caterpillar” tractor in about 1906. The tractor ran on continuous metal-belted tracks instead of wheels, and the tracks kept the heavy vehicle from sinking in mud or dirt. The new machines were immediately successful as all-terrain haulers and graders, and the Holts opened a new manufacturing plant in Peoria, Illinois, the site of the firm’s future headquarters. During World War I British and American forces successfully used such treads on their armoured tanks, and the Holt firm prospered further by making thousands of (gasoline-powered) tractors that hauled supplies and ammunition for the Allies.
In 1925 the Holt Manufacturing Company merged with another tractor manufacturer, the C.L. Best Tractor Company, which had been founded by a son of Daniel Best. The new company was incorporated as the Caterpillar Tractor Company, and its headquarters moved to Peoria.
The company stayed afloat during the Great Depression partly by selling tractors and combines to the Soviet Union to facilitate that country’s first Five-Year Plan (1929–33). In 1931 Caterpillar perfected a tractor driven by a diesel engine rather than a gasoline one, and diesel engines soon became standard for all types of heavy-duty vehicles. During World War II, Caterpillar made the diesel engines that powered the Sherman (M4) tank. The firm’s tractor and truck sales skyrocketed after the war, when these machines were needed for projects and the reconstruction building of roads and dams in countries around the world. The name Caterpillar became practically synonymous with bulldozers during this period. The company experienced a series of labour conflicts with its unionized American workforce beginning in 1961, but its growth has continued. The firm adopted its current name in 1986.
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