Caterpillar Oberhelman: Middle East market is “very hot right now”
CEO Doug Oberhelman says that Caterpillar is exporting its China-made machines to the Middle East because the market is “very hot right now”. Caterpillar’s profits jumped to 67% in the second quarter but, as CMME reported last week, Cat has responded to a decline in orders in China by using factories in the country to […]
The Middle East remains a strong market for Caterpillar excavators
CEO Doug Oberhelman says that Caterpillar is exporting its China-made machines to the Middle East because the market is “very hot right now”.
Caterpillar’s profits jumped to 67% in the second quarter but, as CMME reported last week, Cat has responded to a decline in orders in China by using factories in the country to fulfill orders in other markets including the Middle East and Africa in particular.
Attending the opening of Caterpillar’s new factory in Texas, Oberhelman said the company will likewise use the southern US facility to supply the South American market.
Caterpillar stopped production for two weeks at its Chinese Cat 300 excavator factory last month amid concerns over demand in the market.
During an investor relations conference earlier this month, Mike DeWalt noted that: “The current sales level in China is quite depressed. We ended up with more inventory in China than we needed and it’s probably going to take us the rest of the year to work it down.”
