XUZHOU, Jiangsu Province, People's Republic of China -- Caterpillar Inc. (NYSE: CAT) announced a new expansion project for the company's manufacturing facility in Xuzhou, China on Wednesday.
Caterpillar Chairman and CEO Doug Oberhelman announced the expansion plans in Xuzhou at an event attended by Caterpillar leaders and Xuzhou government representatives.
"As we have done around the world for more than 85 years, these investments in China are made with a long-term view toward the market and building out an industry-leading range of products and support services for our growing base of customers in China," Oberhelman said.
The expansion project is expected to be completed in 2016. The expansion is expected to increase the production of hydraulic excavators at Caterpillar Xuzhou Limited by 80 percent.
Currently, Caterpillar has 17 facilities in China with another nine that are under construction.