Caterpillar Drops $1 Billion on North Carolina Expansion
Texas-headquartered equipment manufacturer Caterpillar is expanding its operations in North Carolina with a $1 billion investment. The new manufacturing facility will be located in Sanford, and will focus on producing compact track loaders and telehandlers.
The company will receive up to $46 million in property tax rebates from Lee County, as well as $39.5 million from the City of Sanford. In exchange for these incentives, Caterpillar has agreed to create 1,950 jobs with an average salary of $65,500.
Caterpillar's Construction Industries Group President Rod Shurman said that the investment is a response to growing demand for compact equipment in various industries such as construction and agriculture. The new facility will be equipped with advanced manufacturing technologies, automation, digital production systems, and integrated logistics capabilities.