Caterpillar Drops $1 Billion on North Carolina Manufacturing Facility
Caterpillar is expanding its presence in North Carolina with a major investment in a new manufacturing facility in Sanford. The company will spend $1 billion on the project, dubbed 'Project Paragon', to increase production of compact track loaders and telehandlers.
The construction equipment giant said it needs to meet growing customer demand for these machines, which are used in various industries such as construction, landscaping, farming, and material handling. The facility will also create new jobs in the area, although Caterpillar officials did not specify how many.
Sanford leaders held a public hearing and vote earlier this month on the incentive package worth $40 million from the town council and another $46 million from Lee County commissioners. This investment is part of Caterpillar's ongoing expansion in North Carolina, which already has factories in Clayton, Goldsboro, and Winston-Salem.
Caterpillar Construction Industries Group President Rod Shurman expressed gratitude for the partnership with local officials, saying 'We appreciate the support of the State of North Carolina, Lee County, and the City of Sanford as we continue investing in the future of manufacturing and our customers.'