Caterpillar Inc News

Caterpillar Marine announced it is working with Serco Inc., a provider of professional, technology, engineering and management services, to advance the use of autonomous vessels for naval applications. The initiative supports the Defense Advanced Research Projects Agency’s No Manning Required Ship (NOMARS) project.Autonomous unmanned vessels represent an opportunity to protect crews from the inhospitable, dangerous environment encountered at sea. This technological advancement not only promotes safety but also cost savings…

A collaboration between Oak Ridge National Laboratory (ORNL) and Caterpillar Inc. will investigate using methanol as an alternative fuel source for marine vessels.Members of the research team kicked off the project with the installation of a 6-cylinder engine at the Department of Energy’s National Transportation Research Center at ORNL.The ORNL and Caterpillar collaboration focuses on a four-stroke internal combustion marine engine that will be modified to run on methanol.Although methanol has many advantages, it is more difficult to ignite than diesel.

The Port of Portland, in Oregon, is soliciting proposals from U.S. shipyards for the construction of a new dredge tender to replace the decades old W.L. Williams.Designed by Glosten, the new vessel will be a 69-foot-long, twin-screw, multipurpose vessel powered by two Caterpillar Inc. C18 EPA Tier 3 engines. Bids are due by August 30.The tender will mainly be used for towing dredge discharge pipeline strings, pushing barges, and towing barges in support of the port’s dredging operations.

Gula Skrinet AB reached an agreement with Caterpillar Luxembourg Sarl to acquire Caterpillar Propulsion AB and its subsidiaries. The sale is expected to close on June 30, 2020. Caterpillar Propulsion AB, formerly Berg Propulsion AB, is a manufacturer of mechanically and electrically driven propulsion systems and marine controls for ships.The proposed acquisition includes Caterpillar Propulsion AB and its subsidiaries, including Caterpillar Propulsion Production AB, as well as Caterpillar Propulsion Pte. Ltd, its subsidiary Caterpillar Propulsion International Trading (Shanghai) Co.

Caterpillar Inc reported a 13.5% fall in quarterly profit on Wednesday, hit by weak demand in its construction and resources units, and the company cut its 2019 profit forecast.Profit attributable to common stockholders fell to $1.49 billion, or $2.66 per share, in the third-quarter ended Sept. 30, from $1.73 billion, or $2.88 per share, a year earlier.Total sales and revenue fell 5.6% to $12.76 billion.The world's biggest construction and mining equipment maker cut its 2019 earnings expectation to $10.90 to $11.40 per share, compared with its previous estimate of $12.06-$13.06.Reporting by Rachit Vats

Scott Phillips has been appointed President of Hiab crane manufacturing division of Cargotec group as of 1 October 2018. He will be a member of the Cargotec Executive Board and report to CEO Mika Vehviläinen. Scott Phillips joins Cargotec from General Electric where he holds the position of Vice President and CEO Mining. Prior to that, he has during his 28 years' career held various global leadership positions in the construction and mining industries, working for Sandvik and Caterpillar Inc., among others. "I warmly welcome Scott to Cargotec and Hiab. He has a proven track record of leading global, multi-billion euro technology businesses in various geographies.

Imagine a settlement over falsifying emission levels in another transportation sector dropping money onto your deck. Who knew? But it’s true. The $2.9 billion settlement fund Volkswagen agreed to capitalize for distribution across all 50 states, tribal lands and Puerto Rico, as a result of “dieselgate,” its criminal dodging of required auto emission levels, presents an unparalleled opportunity to maritime companies that want to move their noxious diesel engines up a couple of EPA notches, and stick someone else with close to half the bill or more.

Caterpillar Inc. will begin its global, external search for a new chief financial officer after it announced that group president and CFO Brad Halverson has elected to retire in early 2018, concluding a career spanning more than three decades with the company. Halverson will continue working into early 2018 and will help ensure a smooth transition for the new CFO. Prior to becoming CFO, Halverson served two years as vice president of the Finance Services Division, and before that position, he was the corporate controller. Halverson joined Caterpillar in 1988 as an accountant.

Caterpillar Inc. announced today it will locate a limited group of senior executives and support functions in the Chicago area later this year and reaffirmed the ongoing importance of its presence in Peoria and Central Illinois. “Caterpillar’s Board of Directors has been discussing the benefits of a more accessible, strategic location for some time,” said Caterpillar CEO Jim Umpleby. “Since 2012, about two-thirds of Caterpillar’s sales and revenues have come from outside the United States. “We value our deep roots in Central Illinois, and Peoria will continue to be our hometown. The vast majority of our people will remain in this important region where we have many essential facilities and functions,” added Umpleby.

Following the previous announcement that Jim Umpleby will become Caterpillar’s Chief Executive Officer on January 1, 2017, Caterpillar Inc. announced today additional changes in its executive ranks. The company’s Board of Directors has appointed current Construction Industries Group President Tom Pellette, 53, group president of Energy & Transportation, the position previously held by Umpleby. Replacing Pellette, the Board has appointed Bob De Lange, 47, group president of Construction Industries. De Lange is currently vice president of the Excavation Division. Additionally, the Board has appointed Billy Ainsworth, 60, senior vice president and strategic advisor to the Caterpillar Executive Office.

Caterpillar Inc insider Jim Umpleby will become chief executive of the heavy equipment maker on Jan. 1, faced with the challenge of reversing a multiyear sales decline triggered by the global commodities slump. He replaces Doug Oberhelman, who will retire as CEO on Dec. 31 but stay on as executive board chairman until March 31, the company said on Monday. Caterpillar shares were down about 0.58 percent to $87.20. Under Oberhelman the company recorded record high revenue in 2012, two years after he became CEO. However, a decline in metals and oil prices hit the company hard and its sales have fallen since 2013. A 35-year company veteran, Umpleby must grapple with Caterpillar's sober outlook.

With an eye towards environmental compliance, operational efficiencies and the bottom line, the Marine News top propulsion providers touch all bases. Sitting down to select the best engine and propulsion manufacturers in the workboat marine space isn’t necessarily the easiest task in the world. Nor is it a linear exercise. On the other hand, these Marine News featured firms – Caterpillar Marine, Volvo Penta and Yanmar – all have more in common than you might think. With a laser focus on their collective customer’s bottom lines and addressing that concern through technology, environmental compliance and economical but powerful performance, each satisfies the niche in its own particular fashion. See if you don’t agree.

The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable August 20, 2016, to stockholders of record at the close of business on July 20, 2016. “Our balance sheet and operational performance are strong, even after several years of challenging market conditions. We are maintaining an attractive dividend for our stockholders and positioning the company for growth once our markets rebound," said Caterpillar Chairman and CEO Doug Oberhelman. Caterpillar has paid higher dividends to its stockholders for 22 consecutive years, and since 2007, the company's cash dividend has more than doubled.

The Board of Directors of Caterpillar Inc. (NYSE: CAT) voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable May 20, 2016, to stockholders of record at the close of business on April 25, 2016. "Caterpillar’s balance sheet remains strong, and I'm pleased to announce we're maintaining our dividend despite continuing difficult marketplace conditions. We've taken actions to further strengthen our competitive position, including lowering our costs and increasing our machine market position for the past five years," said Caterpillar Chairman and CEO Doug Oberhelman. Caterpillar has paid higher dividends to its stockholders for 22 consecutive years, and since 2007, the company's cash dividend has more than doubled.

Caterpillar Inc. will combine two divisions dealing with power and energy, adding more detail to a restructuring announced last year, and plans to complete this by June 2016, the company said on Wednesday. Caterpillar announced a number of personnel and consolidations, as the company plows forward in an increasingly challenging energy market. Steve Niehaus, currently vice president with responsibility for the Electric Power Division (EPD), is retiring, and in the wake of Niehaus’ retirement…

Caterpillar Inc. has named privately owned Puerto Rico-based company Rimco as the official Cat dealer for Cuba. Rimco, a longtime Cat partner, currently serves as the company’s dealer for Puerto Rico and the Eastern Caribbean. The move comes in anticipation of the U.S. lifting its embargo on trade with Cuba. Upon easing of trade restrictions, customers in Cuba will be able to purchase Cat products through Rimco in accordance with U.S. and Cuba regulations. Philip Kelliher, vice president with responsibility for the Americas & Europe Distribution Services Division, said, "Cuba needs access to the types of products that Caterpillar makes and, upon easing of trade restrictions, we look forward to providing the equipment needed to contribute to the building of Cuba's infrastructure.

Caterpillar Inc's quarterly revenue slumped 23 percent as weak commodity prices and slowing economic growth in developing countries hit demand for its products. The world's largest construction and mining equipment maker's total sales and revenue fell to $11.03 billion in the fourth quarter ended Dec. 31, from $14.24 billion a year earlier. Caterpillar reported a quarterly loss attributable to common stockholders of $87 million, or 15 cents per share, compared with a profit of $757 million, or $1.23 per share, a year earlier. Excluding restructuring costs, Caterpillar earned 74 cents per share, compared with $1.35 per share.   Reporting by Ankit Ajmera

Caterpillar Inc. Group President of Energy & Transportation Jim Umpleby and Director of Investor Relations Rich Moore will speak at the Baird 2015 Industrial Conference on Wednesday, November 11. They are scheduled to speak at 11 a.m. Central Time. The presentation materials will be available at http://www.caterpillar.com/en/investors/events-and-presentations.html. The event will be webcast in real-time and available to the public at http://wsw.com/webcast/baird44/cat. Listeners should go to the website at least 30 minutes before the live event to register and to download and install any necessary audio software. The webcast will be available for replay for 90 days; no transcripts from the presentation will be made available.

Caterpillar Inc.today announced profit per share of $0.62 for the third quarter of 2015, a decrease from $1.63 per share in the third quarter of 2014. Excluding restructuring costs, profit per share was $0.75, down from $1.72 per share in the third quarter of 2014. Third-quarter 2015 sales and revenues were $11.0 billion, down from $13.5 billion in the third quarter of 2014. “The environment remains extremely challenging for most of the key industries we serve, with sales and revenues down 19 percent from the third quarter last year. Improving how we operate is our focus amidst the continued weakness in mining and oil and gas. We’re tackling costs, and our year-to-date decremental profit pull through has been better than our target.

The Board of Directors of Caterpillar Inc. voted today to maintain the quarterly cash dividend of seventy-seven cents ($0.77) per share of common stock, payable November 20, 2015, to stockholders of record at the close of business on October 26, 2015. “I am pleased to announce we are maintaining Caterpillar’s dividend,” said Caterpillar Chairman and CEO Doug Oberhelman. “Even in this challenging environment, where we are aggressively moving to reduce our cost structure to match our current business outlook, we remain committed to rewarding stockholders through the cycles. Including this announcement, Caterpillar has paid higher dividends to its stockholders for 22 consecutive years, and since 2007, the company’s cash dividend has more than doubled.

Caterpillar Inc said it could cut up to 10,000 jobs through 2018 as part of its restructuring and cost reduction plans to save up to $1.5 billion annually. The company said on Thursday that it would cut 4,000-5,000 jobs by the end of 2016, most of them in 2015. Caterpillar had 114,233 employees as of Dec. 31, according to Thomson Reuters data. (Reporting by Ankit Ajmera in Bengaluru)

Caterpillar Inc. has been named to the 2015 Dow Jones Sustainability Indices (DJSI), recognizing Caterpillar as a sustainability leader in the Industrial Engineering sector. This marks the 16th time Caterpillar has been included in the DJSI list. The annual DJSI process involves a thorough analysis of corporate economic, environmental and social performance factors, assessing issues such as innovation management, supply chain management, climate strategy, product stewardship, labor practices and health and safety. “Sustainable products, services and solutions are very important to our employees and customers,” said Doug Oberhelman, Caterpillar Chairman and CEO. * Strong Code of Conduct, which names sustainability as a core value for the enterprise.

The board of directors of Caterpillar Inc. voted to increase the quarterly cash dividend by 10 percent to $0.77 per share of common stock, payable August 20, 2015, to stockholders of record at the close of business on July 20, 2015. "This 10 percent dividend increase is another example of our commitment to deliver superior returns to stockholders through the ups and downs of the industries we serve. Our strong balance sheet, cash flow and operational performance have put us in a position to reward stockholders with a higher dividend again this year," said Caterpillar Chairman and CEO Doug Oberhelman. "The increase is consistent with our cash deployment priorities – maintaining financial strength…