Caterpillar headquarters is bolting from Deerfield, IL and heading to the Lone Star State, in a move that's a disappointment to the Illinois economy.
After nearly 100 years in Illinois, the new home will be Irving, Texas. Cat officials say the transition will begin this year, leaving about 230 employees with a decision on whether they want to relocate.
“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,” Chairman and CEO Jim Umpleby said in a brief news announcement.
Caterpillar said Illinois will continue to have its largest number of employees out of the 107,000 Cat workers worldwide.
This gut punch to Illinois comes just weeks after Boeing said it was moving its headquarters from Chicago to Arlington, Virginia.
Illinois Governor. J.B. Pritzker is getting a lot of heat over Caterpillar’s decision with many critics saying the tax rate and regulations is making it difficult for companies to thrive in Illinois.
Pritzker said that despite the news, Illinois, with its largest population ever, is spawning more small businesses than other large states.
Though Caterpillar declined to name a reason for the move, it's known Texas is one of seven states with no individual income tax, according to the Washington, D.C.,-based Tax Foundation.
