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Financial News Network
November 15, 2011 AT 6:40 PM
According to the Milwaukee Business Journal, Caterpillar (NYSE:CAT) announced that it has plans to open a new manufacturing plant in North America for small track-type tractors and mini hydraulic excavators.According to company management, the decision to change production from Japan is driven by proximity to a large base of customers in North America and Europe.The company looks forward to to make a final decision on the new facility's location by the end of this year with construction to begin in the first half of 2012.The company is expected to hire more than 1,000 people.