Officially formed in 1925, Caterpillar Inc. can trace its origins back to Benjamin Holt, one of the founders of Caterpillar Inc. who in 1904 replaced the wheels on a Holt steamer with a set of tracks bolted to chains, making it easier to maneuver through soft farmland. Holt’s successor, Thomas A. Baxter, eventually introduced smaller agricultural and construction models which led to the astronomical growth, success, and outreach of the company. Today, Caterpillar Inc. designs, manufactures, markets, and sells machinery and engines throughout the world. With a market cap of $66.3 billion, CAT is the world’s number one leading manufacturer of construction and mining equipment. Read on to find out five things you might have never known about Caterpillar Inc.
5. World War I’s Tractors
Holt’s track-type tractors actually played a large role in supporting the Allied Powers during the first World War. Originally shipped to Europe for agricultural purposes, Allied governments sent Holt’s 1,200 tractors straight to the battlefront where they were heavily used for hauling supplies and major artillery.
4. Lifting the Empire State Building
One of Caterpillar Inc.’s most impressive feats is the sheer amount of equipment the Peoria, Illinois company develops, manufactures and sells each year. Among other construction and agricultural equipment, CAT produces more than 25,000 forklifts per year, which altogether could lift upwards of 967 Empire State Buildings.
3. CAT Has a Bigger Economy Than Costa Rica
With a revenue of over $55 billion, not only is Caterpillar Inc. one of the largest public companies on the planet, but it also has a bigger economy than most small countries. Caterpillar Inc.’s closest competitor, John Deere & Company, has a revenue of only $37 billion, making CAT the most dominating force in its industry.
2. How CAT Got Its Name
In the early 1900s, steam tractors were extremely heavy and difficult to maneuver through soft California earth. Holt attempted to fix this problem by wrapping wooden planks around the wheels of a steamer. Upon the first testing of the new wheels, a company photographer observed that the tractor crawled like a caterpillar. The name stuck.
1. 100,000 CAT Engines Are Running Right Now
With operations in over 120 countries, Caterpillar Inc.’s global presence is massively growing, now generating about half of its sales from abroad. With so much equipment spread throughout the globe, it is said that more than 100,000 CAT engines are at work at anytime worldwide. Just like the British Empire, the sun never sets on a running CAT engine.
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