Caterpillar continues to see strength in a number of industries and regions, including construction in China, on-shore oil and gas in North America, and increased capital investments by mining customers.
In October 2017, Caterpillar announced third-quarter 2017 sales and revenues of US$11.4 billion, compared with US$9.2 billion in the third quarter of 2016. The company currently expects full-year 2017 sales and revenues of about US$44 billion.
“Higher sales volume and our team’s focus on cost discipline resulted in improved profit margins across our three primary segments,” said Caterpillar CEO Jim Umpleby.
Singapore: 50 years of excellence
Caterpillar also celebrated its 50th anniversary in Singapore this year. The country has played an important role in the company’s growth in Asia Pacific. Likewise, Caterpillar has contributed to the development of infrastructure in Singapore, having been involved in major projects across the country such as MRT line extensions, Singapore Changi Airport Terminal 5 and the construction of the third runway at the airport, to name a few.
Active in Singapore since 1920s, Caterpillar first set up operations in the country in 1967 with the opening of its Asia Distribution Centre, which coordinates parts distribution for Cat dealers across Asia Pacific. In 1994, Singapore became Caterpillar’s headquarters for Asia Pacific. Today, Caterpillar has a workforce of over 800 in Singapore, representing nearly every part of the company’s business. Together with its dealers and suppliers, there are more than 1,100 people dedicated to Caterpillar’s business in Singapore.
“We are delighted to have Singapore as our regional headquarters as we celebrate this milestone. Through the hard work and dedication of our people, and the support of our partners and the Singapore government, we are proud to have delivered valued, quality products, services and solutions to our customers across the region for half a century,” said Jeffery Hardee, Caterpillar’s Singapore country manager (pictured above, far left). “We look forward to many more years of growth, innovation and success, as our solutions help deliver the infrastructure and energy that bring higher standards of living across Asia in this exciting age of smart iron with digital technology.”
In 1998, Caterpillar Financial Services was set up to provide financial solutions to customers in Singapore. In 2010, Singapore became the worldwide headquarters for Caterpillar’s excavation division. In 2016, the distribution services division headquartered in Singapore expanded beyond Asia Pacific to include CIS, Africa & Middle East (ACAM). The same year, Caterpillar established the Singapore Marine Centre, Caterpillar’s Asia hub for marine sales, service, and production of high quality marine products. Singapore also serves as a hub for training.
Caterpillar’s independent dealer, Tractors Singapore Ltd (TSL), works closely with Caterpillar to provide services to customers in Singapore, the Maldives and Christmas Island.
“Over these past 50 years, the industry has certainly witnessed the development of one of the most strategic relationships, that of Caterpillar and its dealer. I firmly believe, the best is yet to be,” said Alan Ow, managing director, Tractors Singapore Ltd (TSL).