Manufacturers Pour Billions into New Facilities Amid Growing Demand
Caterpillar is investing $1 billion in a new manufacturing facility in Sanford, North Carolina. The company plans to produce compact track loaders and telehandlers at the site, which will feature advanced manufacturing technology and integrated logistics capabilities.
The investment will allow Caterpillar to meet growing customer demand for its products, particularly among small contractors and growing businesses. The company's compact construction equipment is used across various industries, including construction, landscaping, and agriculture.
Meanwhile, Ultium Cells, a joint venture between LG Energy Solution and General Motors, is investing $1 billion in retooling its battery cell manufacturing operations in Spring Hill, Tennessee. The modifications will enable the company to produce lithium manganese-rich prismatic battery cells, which offer greater energy density than traditional lithium iron phosphate batteries.
Ultium Cells plans to create 500 jobs as a result of the expansion and is expected to begin production by 2028. Genentech, another manufacturer, broke ground on a $750 million expansion of its fill-finish operations in Hillsboro, Oregon, which will add device fill-finish capabilities and double the size of the existing site.