Caterpillar Inc. (NYSE:CAT) said it would add more than 80 jobs in its manufacturing facility in Sumter, South Carolina due to the planned expansion of plant that will nearly triple the square footage.
The $20 million expansion plan includes an additional 170,000 square feet, bringing the Sumter facility's total footprint to about 275,000 square feet once complete. Work on the expansion will begin immediately and is scheduled to be completed by the fourth quarter of 2012.
When the expansion is fully operational and at full capacity, it is anticipated Caterpillar will add more than 80 jobs over a two-year period. Hiring is expected to begin in the third quarter of 2012. Positions will be posted on the company's recruiting website when available.
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The facility currently produces small hydraulic cylinders used in a variety of Cat products. The additional capacity will bring the production of large hydraulic cylinders from the company's Joliet, Illinois, facility to Sumter.
Once the expansion is completed, the Sumter facility will be the primary source for small and large hydraulic cylinders for North and South America. The expansion in Sumter will allow the Joliet facility to focus on increasing production for other components currently produced in Joliet.
The company said this expansion is driven by growing demand for Cat products and will position its operations in both Sumter and Joliet to continue to grow and exceed customer needs as it drives toward Caterpillar's strategy and goals.
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Caterpillar is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company operates in two segments: Machinery and Power Systems, and Financial Products.
CAT closed Tuesday's regular trading up 4% at $113.30. The stock has been trading between $67.54 and $116.95 for the past 52 weeks.