Caterpillar is making plans to capitalize on it's success in China.
Company President Doug Oberhelman says with the modernization and growth going on there it's important for the U-S and China to improve it's business relationship.
Sixty-eight percent of Caterpillar's sales last year were outside of the United States with a lot of it going to China. Right now the company has 13 plants in China and with more growth projected there Caterpillar wants a bigger piece of the market.
"We're investing in floor space, in people, in training to get us there. We said in our fourth quarter release we're gonna invest 3 billion dollars in capital expenditures in eleven, half in the U-S, half outside. That's double in the amount we've done, a lot aimed at China," Oberhelman said.
Oberhelman says it's important for the United states and China to continue communication in an effort to open up more trade with that country. During a speech to the Rotary club in Peoria he talked about the company's success in China and hopes that with Caterpillar's presence the company could influence dialogue at the table.
"We've got a well recognized brand.....China's president told us we were a household name in China. About 20-percent of our management team residing in Asia, over half of them in China and so we're putting some resources in China to make sure they know we're there and we can communicate with each other on what needs to be done down the road," he said.
Oberhelman warns that if the United States does not work with China to help open more markets there other countries like Japan will take advantage of its modernization and demand for goods.