(San Antonio, Texas) – Construction-equipment manufacturer Caterpillar Inc. plans to buy locally based Texas Machining Enterprises Inc.’ assets and equipment in Northeast San Antonio. Peoria, Ill.-based Caterpillar (NYSE: CAT) also is asking City Council to transfer Texas Machining’s 10-year tax abatement to the company. City Council officials will consider the request at their Thursday, Aug. 31, meeting. If approved, the city will transfer the remaining seven years of the tax abatement to Caterpillar and allow it to expand Texas Machining’s existing manufacturing facility. Texas Machining’s current agreement calls for a 100 percent abatement of city property taxes on its facility and equipment. The 300,000-square-foot facility is located in the Perrin Creek Business Park at 4633 Perrin Creek. Texas Machining currently receives diesel engine blocks from Saltillo and Monclova, Mexico. These engines are later assembled and shipped out to a Caterpillar facility in South Carolina for use in its reciprocating engine business. Caterpillar will hire Texas Machining’s current employees and install a new engine block manufacturing line over the next couple of years. The number of workers employed locally was not immediately available. Caterpillar manufactures construction and mining equipment, diesel and natural gas engines and industrial gas turbines. It ranked 55th on the 2006 Fortune 500 list with revenues of $36 billion. Written by: Tamarind Phinisee
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