Caterpillar Stands Up for its Customers and Exports

April 28, 2015

The Export-Import (Ex-Im) Bank is about opening doors in the global marketplace and ensuring that American businesses are competing on a level playing field. Over the past five years, Caterpillar exports totaled nearly $88 billion. Reauthorizing the Ex-Im Bank is essential to maintaining Caterpillar’s access to the 95 percent of the world’s consumers that live overseas.

Caterpillar Chairman and CEO Doug Oberhelman attended the Ex-Im Bank’s annual conference to talk energy and exports on a panel featuring Stephen Poloz, Governor of the Bank of Canada, Borja Negro, CEO of Gamesa, and Jim Rogers, retired Chairman of Duke Energy. Oberhelman focused on combatting energy poverty and business challenges in the energy sector, commenting on how exports will drive this new era.

“Many energy projects around the world utilize the Ex-Im Bank to get off the ground and they’re key to ending energy poverty around the world. It’s an important tool for Caterpillar customers, and the U.S. needs it to grow exports and support these important projects.”

A robust trade policy is critical to ensuring that Caterpillar can reach our global customers. An important part of that policy is financing for our customers that they cannot receive through conventional loans – loans provided by the Ex-Im Bank. The Bank is an agency with an 80-year record of supporting U.S. jobs by financing the export of American-made products. While Caterpillar does not receive Ex-Im financing, our customers worldwide rely on their ability to access these loans. Unfortunately, the Bank is at risk of expiring in June if Congress fails to reauthorize its charter.

Foreign countries have invested heavily in helping their companies sell overseas as a way to achieve a competitive edge. In fact, China and India are offering more than three times what the United States does in export financing. The U.S. can’t cede the competitive opportunities that come with this financing to our foreign competitors. That’s why Caterpillar is working diligently with Congress to ensure that they pass reauthorization.

Ex-Im Bank President Fred Hochberg recently visited Caterpillar’s motor grader facility in North Little Rock, Arkansas.

"We always like to highlight where these products go to work around the world once they leave our plant," said North Little Rock General Manager Paul Rivera. "Forty percent of our machines from North Little Rock are exported outside the country."

The Roy Hill mine site has already ordered and received 28 Caterpillar machines with at least another 50 on the way, including 793F trucks and D10T bulldozers, all of which would not have been possible without the Ex-Im Bank providing the needed financing.

Following his visit to the Caterpillar facility, Hochberg gave a speech urging reauthorization at the University of Arkansas’ Clinton School – you can check it out here.

To learn more about what the Ex-Im Bank does – and why it matters – read this fact sheet on gov.cat.com.

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