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SOURCE Caterpillar Inc.
Stu Levenick Testifies before U.S. House of Representatives Transportation and Infrastructure Committee
WASHINGTON, Jan. 14, 2014 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) Group President with responsibility for Customer and Dealer Support Stu Levenick urged Congress today to develop federal surface transportation reauthorization legislation that enhances our nation's infrastructure system and enables companies like Caterpillar to compete globally.
"Caterpillar exports to every region in the world. In 2012, Caterpillar exported over $22 billion in products from the United States. Whether the export opportunities are in our hemisphere or on the other side of the world, the goods we seek to sell must travel through a multi-modal transportation system that includes roads, rail, water and air," said Levenick. "America needs a multi-year surface transportation reauthorization so that we can begin to rebuild our infrastructure and get back on the road to competitiveness."
The federal surface transportation legislation was last authorized under the Moving Ahead for Progress in the 21st Century Act (MAP-21), which was signed into law in July 2012 and expires at the end of September 2014. Despite the progress that this legislation includes, Levenick cited how U.S. surface transportation fails to keep pace with the global marketplace.
"While other parts of the world are integrating and modernizing their infrastructure to meet the economic challenges of the 21st century, we are failing to act comprehensively and decisively," said Levenick. "Our transportation system is the backbone of our economy. However, we are relying on investments made decades ago to sustain our growing and changing economy. We must renew our commitment to this system if we are to ensure our nation's global competitiveness."
Improvements in our infrastructure are also critical for companies like Caterpillar so that they can have a supply chain that supports trade and U.S. exports.
"As one of America's leading exporters, we are keenly aware of the importance of exports for both job creation and economic expansion," said Levenick. "We also understand how absolutely critical it is to have an effective and seamless supply chain if we are to increase exports and maintain our global leadership as a U.S. manufacturer."
For more than 85 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. With 2012 sales and revenues of $65.875 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 also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services and Progress Rail Services. More information is available at: http://www.caterpillar.com.
Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance, and we do not undertake to update our forward-looking statements.
Caterpillar's actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global economic conditions and economic conditions in the industries and markets we serve; (ii) government monetary or fiscal policies and infrastructure spending; (iii) commodity or component price increases, fluctuations in demand for our products, or limited availability of raw materials and component products, including steel; (iv) our and our customers', dealers' and suppliers' ability to access and manage liquidity; (v) political and economic risks and instability, including national or international conflicts and civil unrest; (vi) our and Cat Financial's ability to: maintain credit ratings, avoid material increases in borrowing costs, and access capital markets; (vii) the financial condition and credit worthiness of Cat Financial's customers; (viii) changes in interest rates or market liquidity; (ix) changes in financial services regulation; (x) inability to realize expected benefits from acquisitions, including ERA Mining Machinery Limited, and divestitures, including the divestiture of the Bucyrus International, Inc. distribution business to our independent dealers; (xi) international trade and investment policies; (xii) market acceptance of our products and services; (xiii) changes in the competitive environment, including market share, pricing and geographic and product mix of sales; (xiv) successful implementation of capacity expansion projects, cost reduction initiatives and efficiency or productivity initiatives, including the Caterpillar Production System; (xv) inventory management decisions and sourcing practices of our dealers or original equipment manufacturers; (xvi) compliance with environmental laws and regulations; (xvii) alleged or actual violations of trade or anti-corruption laws and regulations; (xviii) additional tax expense or exposure; (xix) currency fluctuations; (xx) our or Cat Financial's compliance with financial covenants; (xxi) increased pension plan funding obligations; (xxii) union disputes or other labor matters; (xxiii) significant legal proceedings, claims, lawsuits or investigations; (xxiv) compliance requirements imposed if carbon emissions legislation and/or regulations are adopted; (xxv) changes in accounting standards; (xxvi) failure or breach of information technology security; (xxvii) adverse effects of natural disasters; and (xxviii) other factors described in more detail under "Item 1A. Risk Factors" in our Form 10-K filed with the SEC on February 19, 2013 for the year ended December 31, 2012. This filing is available on our website at www.caterpillar.com/secfilings.
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