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Leaders in construction equipment market
QUESTION:Who are the leaders in construction equipment market?
ANSWER: INDUSTRY LEADERS
The world's leading manufacturer of construction equipment, with total sales and revenues in 1998 of nearly $21 billion, is Caterpillar Inc., of Peoria, Illinois. Construction machinery and equipment accounted for $13 billion of its sales that year. Ranked 58th among the Fortune 500 companies, 1998 marked Caterpillar's seventh consecutive year of growing revenue and profits. Originally incorporated in 1925 as the Caterpillar Tractor Company, the company boasts more than two dozen major production facilities in 22 countries, as well as 195 dealerships. After suffering significant losses during the 1980s, the company embarked on a series of changes to regain its previous form, cutting its workforce from 90,000 to 60,000, closing 30 percent of its plants, introducing new machinery, and moving aggressively into foreign markets. After completing the massive restructuring in 1993 that automated more facets of production, Caterpillar was able to better withstand labor disputes, such as the 1994 United Auto Workers (UAW) strike in which two-thirds of Caterpillar's workforce went on strike. The transformation was at times a painful one, but the company emerged stronger and able to meet market needs quickly. For instance, in the 1980s, Caterpillar offered little paving equipment; by 1999, it was the industry leader in this segment of the market. After reaching a contract agreement with UAW in 1998, the company acquired Veratech Holdings, Handling Crane Systems, and Wrightech.
The second-largest construction equipment company in the world is Komatsu International Ltd. The Tokyo-based company's American subsidiary, Komatsu America International Company, was a strong performer. Based in Vernon Hills, Illinois, Komatsu America conceives, manufacturers, sells, and maintains earth-moving machinery for North American construction and mining firms. The company's forte is in dump trucks and crawler bulldozers. Sales in 1998 were above $8 billion.
Incorporated in 1868, Deere and Company is one of the largest agricultural and industrial equipment manufacturers in the United States. An industry innovator since founder John Deere introduced the first successful self-cleaning steel plow in 1837, the company has factories throughout the world and distributes its products through independent retail dealers. In 1998, Deere and Company employed 37,000 people and achieved sales of over $11.0 billion. Construction equipment accounted for 19 percentabout $2.6 billionof total sales. John Deere produced backhoe loaders, crawler bulldozers, and drive train components, in addition to engines, excavators, motor graders, and scrapers. The company was hit hard by the economic collapse in Asia and Russia. In 1998, John Deere announced that 2,400 workers would be laid-off because of dwindling exports.
Reference from http://www.answers.com/topic/construction-machinery-and-equipment?cat=biz-fin
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