Caterpillar and Dealers Announce $1 Billion Investment in Business, Education and Training across Africa
Funds will enhance company and dealer footprint as well as provide critical skills training
PEORIA, Illinois, Sept. 21, 2016 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Chairman and CEO Doug Oberhelman, currently taking part in the U.S.-Africa Business Forum (USABF) in New York City, announced that the company, its independent dealers and the Caterpillar Foundation plan to invest more than $1 billion in countries throughout Africa over the next five years. Today's news reconfirms Caterpillar's long-term commitment to the continent and is intended to provide a major upgrade in customer service capabilities – including enhanced parts distribution capacity, new state-of-the-art Certified Rebuild Centers, new dealer branch locations, the expansion of Caterpillar's Technicians for Africa online skills development program and millions of dollars to support programs that lift people out of poverty.
With approximately 15,000 Caterpillar and Cat dealer employees in Africa, Caterpillar already has a significant footprint in this important and growing market. Caterpillar's investment will increase that footprint, while simultaneously boosting the infrastructure development and skills training capabilities necessary in African countries for them to continue their rise in global competitiveness.
"For 90 years, Caterpillar machines have helped build critical infrastructure projects throughout Africa. Today, we bring not only construction machinery to the continent, but also traditional and renewable power generation solutions, diesel-electric locomotives, marine engines and mining equipment," said Oberhelman. "With today's announcement, we are proudly confirming our plan to make a long-term investment to help build, develop and power communities, and serve as an education and training partner to broaden and strengthen local workforce talent and expertise."
Since 2010, the Caterpillar Foundation has invested approximately $50 million to support projects in Africa focused on impacting those living in poverty, and specifically girls and women, through training, policy work, entrepreneurship programs and more. These investments are benefiting hundreds of thousands with access to education, energy, clean water and sanitation, and microfinance. Building on these historical investments, the Caterpillar Foundation will commit an additional approximately $15 million by the year 2020 to organizations working to improve lives across Africa.
Caterpillar Tackles Workforce Issues Facing Africa
As part of UN Week, Oberhelman will participate in a skills development discussion panel during the historic African Business Forum with President Kenyatta of Kenya, President Mahama of Ghana and IBM Chairman and CEO Ginni Rometty. During the discussion he will highlight Caterpillar's significant progress since the launch of Technicians for Africa in 2015.
Technicians for Africa is a free, online learning platform for Africans seeking to develop important technical skills needed to pursue a career as an equipment technician.
Before his panel, Oberhelman shared Caterpillar's excitement over the success of the program to date and the expansion plans. "Technicians are essential for our dealers and customers; they keep projects on schedule and customers productive. With investment and innovation – and through projects like Technicians for Africa – we can address the skills gap that currently exists. In 2017, Caterpillar will expand the availability of Technicians for Africa from three to 15 countries, and we expect thousands of people to benefit."
Caterpillar Group President Named to U.S. President's Advisory Council on Doing Business in Africa (PACDBIA)
Further enhancing Caterpillar's involvement in Africa, Resource Industries Group President Denise Johnson has been named to the PACDBIA.
"It's an honor to be named to this Council dedicated to improving trade and business opportunities between African countries and the United States," said Johnson. "I'm looking forward to working alongside my industry peers to share Caterpillar's decades of experience in Africa and provide counsel to the President as we seek to bolster those relationships."
Johnson's appointment strengthens Caterpillar's voice in providing information, analysis and recommendations on U.S.-Africa trade and investment priorities.
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About Caterpillar
For 91 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2015 sales and revenues of $47.011 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
About Caterpillar Foundation
Founded in 1952, Caterpillar's philanthropic organization, the Caterpillar Foundation has contributed more than $650 million to help make sustainable progress possible around the world by providing program support in the areas of environmental sustainability, access to education and basic human needs. To learn more about the global impact of the Caterpillar Foundation, visit www.togetherstronger.com
Forward-looking Statements
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