Caterpillar Chief Technology Officer Urges Congress to Pass Immigration Reform
Legislation to Support Manufacturing in the United States
Gwenne Henricks Testifies before Senate Commerce Committee
WASHINGTON, May 8, 2013
WASHINGTON, May 8, 2013 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Chief
Technology Officer Gwenne Henricks urged Congress today to pass High Skilled
Immigration Reform. Reforming our current system would enable companies to
compete better in the global economy by recruiting top talent with an
education in the "STEM" fields—science, technology, engineering and
mathematics—from the United States and beyond.
"Our education system in the United States is currently not producing a robust
pipeline of graduates in STEM-related fields to meet our workforce needs,"
said Henricks. "STEM job growth is expected to be higher than any other
occupation over the next 10 years. Caterpillar is actively working to increase
the supply of skilled STEM talent in the United States and around the world to
fill the jobs we have and will need in the future," Henricks added.
Henricks also outlined the benefits for companies to employ foreign workers in
specialty occupations, such as engineering and science, through H-1B visas.
The current annual cap for H-1B visas given in the United States is set at
65,000 and was filled on April 1, 2013—the first day that companies such as
Caterpillar could file new H-1B petitions for fiscal year 2014. Based on
current law, Caterpillar and other companies will be unable to recruit and
hire new H-1B employees again until October 1, 2014.
Caterpillar also supports granting green cards to foreign students who receive
degrees in STEM fields from American universities and making them exempt from
the annual cap. The company also advocates for lifting the per-country limit
on green cards.
"At Caterpillar, we know our people are our greatest asset. We employ more
than 10,000 engineers, technologists and scientists worldwide who are
dedicated to developing technologies that reshape the process of using,
managing and owning heavy equipment. Last year, we filed for nearly 1,100
patents and spent approximately $2.4 billion on research and development. We
need a solution that will address these issues and help us grow a sustainable
pipeline of highly skilled workers to meet our growing needs while preserving
the environment for future generations through innovation and collaboration,"
For more than 85 years, Caterpillar Inc. has been making sustainable progress
possible and driving positive change on every continent. With 2012 sales and
revenues of $65.875 billion, Caterpillar is the world's leading manufacturer
of construction and mining equipment, diesel and natural gas engines,
industrial gas turbines and diesel-electric locomotives. The company also is
a leading services provider through Caterpillar Financial Services,
Caterpillar Remanufacturing Services and Progress Rail Services. More
information is available at: http://www.caterpillar.com.
Certain statements in this press release relate to future events and
expectations and are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as "believe,"
"estimate," "will be," "will," "would," "expect," "anticipate," "plan,"
"project," "intend," "could," "should" or other similar words or expressions
often identify forward-looking statements. All statements other than
statements of historical fact are forward-looking statements, including,
without limitation, statements regarding our outlook, projections, forecasts
or trend descriptions. These statements do not guarantee future performance,
and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or
implied in our forward-looking statements based on a number of factors,
including, but not limited to: (i)global economic conditions and economic
conditions in the industries and markets we serve; (ii)government monetary or
fiscal policies and infrastructure spending; (iii)commodity or component
price increases, fluctuations in demand for our products, or limited
availability of raw materials and component products, including steel;
(iv)our and our customers', dealers' and suppliers' ability to access and
manage liquidity; (v)political and economic risks and instability, including
national or international conflicts and civil unrest; (vi)our and Cat
Financial's ability to: maintain credit ratings, avoid material increases in
borrowing costs, and access capital markets; (vii)the financial condition and
credit worthiness of Cat Financial's customers; (viii) changes in interest
rates or market liquidity; (ix) changes in financial services regulation; (x)
inability to realize expected benefits from acquisitions, including ERA Mining
Machinery Limited, and divestitures, including the divestiture of the Bucyrus
International, Inc. distribution business to our independent dealers;
(xi)international trade and investment policies; (xii)market acceptance of
our products and services; (xiii)changes in the competitive environment,
including market share, pricing and geographic and product mix of sales; (xiv)
successful implementation of capacity expansion projects, cost reduction
initiatives and efficiency or productivity initiatives, including the
Caterpillar Production System; (xv)inventory management decisions and
sourcing practices of our dealers or original equipment manufacturers;
(xvi)compliance with environmental laws and regulations; (xvii)alleged or
actual violations of trade or anti-corruption laws and regulations;
(xviii)additional tax expense or exposure; (xix)currency fluctuations;
(xx)our or Cat Financial's compliance with financial covenants;
(xxi)increased pension plan funding obligations; (xxii)union disputes or
other labor matters; (xxiii) significant legal proceedings, claims, lawsuits
or investigations; (xxiv)compliance requirements imposed if carbon emissions
legislation and/or regulations are adopted; (xxv)changes in accounting
standards; (xxvi)failure or breach of information technology security;
(xxvii)adverse effects of natural disasters; and (xxviii)other factors
described in more detail under "Item 1A. Risk Factors" in our Form10-K filed
with the SEC on February19, 2013 for the year ended December31, 2012. This
filing is available on our website at www.caterpillar.com/secfilings.
SOURCE Caterpillar Inc.
Contact: Molly Donahue, Global Government & Corporate Affairs, +1-202-466-0673
(Office), +1-202-257-7704 (Cell), Donahue_Molly@cat.com
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