Caterpillar sales up in US, down in Asia

Caterpillar said Thursday world machine sales fell 10% in the three-month period that ended in November as Asia-Pacific sales plunged further.

But sales in North America rose 5%, slowing slightly from an 8% rise in the three months ended in October.
Cat reported a 24% drop in machine sales in that region, worse than the 21% decline in the three months ended in October, as China’s economy slows.

Sales were down 37% in Latin America vs. a 35% drop in October. 

Caterpillar has welcomed President Barack Obama’s change in US policy toward Cuba as a potential business opportunity.

Bill Lane, global government affairs director, Cat, says the president’s decision to establish diplomatic ties with the island nation is an important step.

Lane says that if longstanding trade restrictions between the two countries are loosened even more, Cuba could become a good market for Caterpillar. He says the underdeveloped island needs to build a modern infrastructure.

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