• Texas offers lower labor costs and has less stringent regulations
Caterpillar Inc (NYSE: CAT) said on Tuesday it is moving its global headquarters to Texas from Chicago.
Texas, which has lower labor costs and less stringent regulations, has become a magnet for many companies who consider changing the location of their headquarters.
Reuters reported that a spokesperson for Caterpillar said most of its 230 employees based in Deerfield, Chicago will move to the new headquarters over time.
The spokesperson added that the construction equipment maker will also maintain its presence in Illinois, where it has more than 17,000 employees.
Caterpillar hosted its bi-annual Investor's Day in Texas last month and also operates its electric power division from the state.
Last month, Boeing Co also announced that it would shift its headquarters from Chicago to Arlington, Virginia.
Picture Credits: Reuters
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