CAT Investing $700M In Upgrades

OMAHA, Neb. (AP) -- Caterpillar Inc. plans to invest almost $700 million over the next four years to start producing mining shovels and expand production of its trucks at plants in Illinois and India.

The world's largest maker of construction and mining equipment said Thursday that it plans to build a new mining shovel production line at its Aurora, Ill., plant and expand truck production in Decatur, Ill., and Chennai, India.

The new mining shovels will range from 125-ton to 800-ton models.

The Aurora plant is likely to gain about 300 jobs through 2014. Caterpillar spokesman Jim Dugan says jobs will be added at the other plants as demand increases, but the Peoria company doesn't know how many.

Caterpillar shares fell 8 cents to $64.31 in afternoon trading Thursday.

More in Operations