Caterpillar Group President Urges Congress to Develop Legislation to Enhance
Infrastructure in United States
Stu Levenick Testifies before U.S. House of Representatives Transportation and
WASHINGTON, Jan. 14, 2014
WASHINGTON, Jan. 14, 2014 /PRNewswire/ --Caterpillar Inc. (NYSE: CAT) Group
President with responsibility for Customer and Dealer Support Stu Levenick
urged Congress today to develop federal surface transportation reauthorization
legislation that enhances our nation's infrastructure system and enables
companies like Caterpillar to compete globally.
"Caterpillar exports to every region in the world. In 2012, Caterpillar
exported over $22 billion in products from the United States. Whether the
export opportunities are in our hemisphere or on the other side of the world,
the goods we seek to sell must travel through a multi-modal transportation
system that includes roads, rail, water and air," said Levenick. "America
needs a multi-year surface transportation reauthorization so that we can begin
to rebuild our infrastructure and get back on the road to competitiveness."
The federal surface transportation legislation was last authorized under the
Moving Ahead for Progress in the 21st Century Act (MAP-21), which was signed
into law in July 2012 and expires at the end of September 2014. Despite the
progress that this legislation includes, Levenick cited how U.S. surface
transportation fails to keep pace with the global marketplace.
"While other parts of the world are integrating and modernizing their
infrastructure to meet the economic challenges of the 21st century, we are
failing to act comprehensively and decisively," said Levenick. "Our
transportation system is the backbone of our economy. However, we are relying
on investments made decades ago to sustain our growing and changing economy.
We must renew our commitment to this system if we are to ensure our nation's
Improvements in our infrastructure are also critical for companies like
Caterpillar so that they can have a supply chain that supports trade and U.S.
"As one of America's leading exporters, we are keenly aware of the importance
of exports for both job creation and economic expansion," said Levenick. "We
also understand how absolutely critical it is to have an effective and
seamless supply chain if we are to increase exports and maintain our global
leadership as a U.S. manufacturer."
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, 202-466-0673
(Office), 202-257-7704 (Cell), Donahue_Molly@cat.com
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