IRVING, Texas — A $51 billion construction equipment company is relocating its headquarters to North Texas.
Caterpillar Inc., which makes a variety of equipment including excavators, dozers and loaders, will move its headquarters from Deerfield, Ill., to Irving, where it already has offices, the company announced Tuesday.
Employees will begin making the move later this year.
Caterpillar, which was founded in 1925, has had offices in Texas going back to the 1960s.
The company has more than 107,000 employees, though it didn't say how many would be making the move to Irving.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” company Chairman and CEO Jim Umpleby said in a news release.
Texas Gov. Greg Abbott praised the move, saying Texas "widened its lead as the No. 1 state in America for Fortune 500 company headquarters."
"We are proud that Catapillar now calls Texas home," Abbott tweeted. "We are a perfect fit for this international brand."
Caterpillar ranked 73rd on the Fortune 500 for 2022. After construction halted during the pandemic, Caterpillar jumped five spots on this year's list, increasing revenue 22% to $51 billion in 2021, Fortune reported.
As of May, Texas had 53 Fortune 500 companies headquartered here, according to Abbott's office.