US Caterpillar expands into Russian market

US Caterpillar expands into Russian market
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Caterpillar, a U.S. company and one of the world largest producers of construction and special-purpose equipment, set about elaborating an investment plan for a large-scale expansion of its production in Russia, the press office of the Industry and Trade Ministry of Russia told Construction.RU on Thursday.

According to an official, Deputy Minister of Industry and Trade, Vasilyi Osmakov, held a meeting with Caterpillar’s representatives.

“Our company has been exporting its products from Russia for 20 years, whereas Caterpillar’s investments into Russian economy have exceeded $1,5 billion over the course of the last decade. We support the policy encouraging localization pursued by the state and we are preparing an investment plan for expansion of our production in Russia. Moreover, we are considering a possibility to submit an application for conclusion of a special investment contract,” said director of Caterpillar Eurasia LLC, Mumin Azamkhuzhaev.

As a reference, Caterpillar Inc. includes over 480 branches in 50 countries.