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Caterpillar to relocate HQ from IL to TX after 100 years because it will ‘attract new talent’

Construction equipment company Caterpillar announced it would move its headquarters from Illinois to Texas after 100 years to “attract new talent.”

The company announced the news on Tuesday that it would move to Irving sometime this year and relocate most of its staff. The company told Fox news that it believes most of its approximately 230 Deerfield employees will move.

The company — which has more than 100,000 employees worldwide — has had a presence in the Republican state since the 1960s, but Illinois remained the largest concentration of workers in the world, Fox News reported.

Based in Illinois since 1925, Caterpillar is the next company to join Elon Musk’s Tesla in Lone Star State.

The construction company will now be the 54th Fortune 500 based in Texas, Governor Greg Abbott happily announced in a . at pronunciation

Caterpillar announced it would move its headquarters to Irving, Texas this year, after 100 years in Illinois.  The company said the new move would

Caterpillar announced it would move its headquarters to Irving, Texas this year, after 100 years in Illinois. The company said the new move would “attract more talent and opportunities” (Photo: Illinois headquarters)

Governor Greg Abbott celebrated the

Governor Greg Abbott celebrated the “big win” for Texas, announcing that the company would be the 54th Fortune 500 company headquartered in the state

Illinois Governor JB Pritzker (pictured) said he was

Abbott (right) said Texas 'would be a perfect fit for this international brand'

Illinois Governor JB Pritzker (left) said he was “disappointed” with the move, as the company has been in the state since 1925. Abbott (right) said Texas ‘would be a perfect fit for this international brand’

“I am proud to welcome Caterpillar’s Texas headquarters and excited about the economic opportunities it will create for Texans,” Abbott said in a statement.

Several companies have recently left liberal states in favor of lower corporate taxes, including Tesla, Hewlett Packard, Oracle and venture capital firm 8VC. Amazon also opened a tech hub in Houston.

The Fortune 500 company revealed it would move its headquarters to “attract new talent and provide additional career opportunities for our current employees to help retain retention,” a spokesperson said.

Caterpillar now joins Elon Musk's Tesla, which also relocated its headquarters to Texas.  Since Abbott took office in 2015, more than 200 companies have moved there (Photo: Musk at the 2022 Met Gala)

Caterpillar now joins Elon Musk’s Tesla, which also relocated its headquarters to Texas. Since Abbott took office in 2015, more than 200 companies have moved there (Photo: Musk at the 2022 Met Gala)

“We believe it is in the company’s best strategic interest to take this step, which supports Caterpillar’s strategy for profitable growth while helping our customers build a better, more sustainable world,” said CEO Jim Umpleby in a statement.

It also said the move would give workers access to multiple high-quality school zones as well as residential and inner-city areas. Bloomberg reported.

Companies that moved to Texas

  • Tesla
  • Hewlett Packard
  • Oracle
  • 8VC
  • caterpillar
  • Joe Rogan’s Production Company
  • Aeromax Industries
  • Astura Medical
  • Charles Schwab
  • green dot
  • Inca
  • Maddox defense
  • Pabst Brewing Co

Many companies have chosen to move to Texas because the state has low corporate taxes of around 20 percent — one of the lowest in the country. Its location is also in the center of the country, making it a central hub for communication and travel; corporate rent is also low, especially when compared to DC, LA or Chicago; and it’s more affordable for workers, according to Hartman, an office and warehouse rental company in Texas. The state also does not levy income tax.

Abbott also praised the move and Texas, calling the state the “perfect fit for this international brand.”

Since Abbott took office in 2015, 250 companies have relocated their headquarters to Lone Star state, according to a statement.

Illinois Governor JB Pritzker, who is seeking reelection, said he was “disappointed” to see the old company leave the Midwest as “so many companies are coming” to the state.

“We will continue to support the 17,400 Illinoisans who work for the company in East Peoria, Mapleton, Mossville, Pontiac and Decatur — which remains Caterpillar’s largest plant in North America,” he said in an emailed statement. Bloomberg.

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