Caterpillar Demonstrates Rental Store Business for Chinese Customers Attending CONEXPO Asia |
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Caterpillar, Inc.
100-T N.E. Adams St.
Peoria, IL, 61629
USA
Press release date: May 15, 2006
Rental stores part of plan by Caterpillar and its dealers to expand customer support and product offerings in China
BEIJING, May 15 // -- Caterpillar Inc. (NYSE:CAT) is formally introducing its proven rental store concept to customers in China during the inaugural CONEXPO Asia trade show taking place in Beijing. In the first three months of 2006, Caterpillar dealers have opened 12 Cat Rental Stores in China as part of Caterpillar's plan to expand the level of service and product offerings to current and potential new customers in China.
"These Cat Rental Stores will give our Chinese customers greater access to the machines and tools they need -- for a few hours, a few days or months at a time -- so they can complete the projects they are working on," said Rod Beeler, Caterpillar vice president for Asia Pacific Marketing and chairman of the CONEXPO Asia management committee. "A customer coming into one of these new rental stores will have the full product support they expect from Caterpillar and its independent dealers, including the option to rent, lease or buy new or used equipment and even to obtain financing from Caterpillar China Financial Leasing."
The Cat Rental Store has been tested and proven around the world with more than 1,400 locations in 40 countries. For many equipment customers in China, the commercial rental concept is a different way of conducting business.
"In addition to providing our current customers in China with even greater support, these Cat Rental Stores will also give contractors in China the chance to 'test drive' and learn more about Caterpillar products they might not be familiar with, helping make them more productive in their operations," Beeler said.
CONEXPO Asia 2006 is being held May 15-18 at the China National Agricultural Exhibition Center in Beijing. As part of Caterpillar's 1,800-square-meter display at CONEXPO Asia, the company has set up a full-size display of a Cat Rental Store.
"This display will give our Chinese customers and potential new customers a sense of how the Cat Rental Store can be used as a tool to help these equipment owners better plan for and manage costs for projects they may have," said M.C. Chan, Caterpillar China regional director. "The Cat Rental Store will let our customers benefit from Caterpillar products and product support without feeling the need to buy a new Caterpillar machine right away."
Caterpillar has a long history in China. The company sold its first products there in 1975 and opened an office in Beijing in 1978. Beijing is home to Caterpillar's marketing headquarters for China, and it is also the headquarters for Cat China Financial Leasing.
In the 1980s, Caterpillar launched technology transfer agreements with Chinese manufacturers who began building Caterpillar licensed products. Caterpillar's expansion in China accelerated in the early 1990s with the establishment of a more significant local production strategy. Today, Caterpillar operates 13 facilities -- both joint venture and wholly owned businesses -- which, together with its network of independent Caterpillar dealers, offer customers in China the best-in-class products, services and support that have made it a global leader.
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2005 sales and revenues of $36.339 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. More information is available at http://www.cat.com/ . Source: Caterpillar Inc.
CONTACT: Jim Dugan, Caterpillar Corporate Public Affairs, +1-309-675-5813, dugan_jim@cat.com
Web site: http://www.cat.com/
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