Caterpillar Inc. (NYSE: CAT), the maker of construction and mining equipment, announced on Tuesday that it will move its global headquarters from Deerfield, Illinois, to the company’s existing office in Irving.
The company says it was not receiving any economic or tax incentives to move.
“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” says Chairman and CEO Jim Umpleby in a statement.
Officials said the company will begin transitioning its headquarters to Irving in this year.
Caterpillar has had a presence in Texas since the 1960s across several areas of the company. Illinois remains the largest concentration of Caterpillar employees anywhere in the world.
The company, founded in 1925, was based in Peoria, Illinois, for decades before shifting its headquarters to Deerfield, a Chicago suburb, in 2018.