October 19, 2018
FOR IMMEDIATE RELEASE
JOHANNESBURG, SOUTH AFRICA. – Cat Financial, a wholly owned subsidiary of Caterpillar Inc., recently established its newest legal entity to support customers in South Africa. The company today celebrated the opening of its finance office in Johannesburg.
Caterpillar Financial Services South Africa (Pty) Ltd (“CFS SA”) established its presence on July 2, 2018 and has been ramping up to full business operations. The office is located in the Caterpillar Johannesburg Distribution Center, the company's aftermarket parts distribution facility for the region serving southern Africa. The facility also houses teams from the local Caterpillar district office and global mining.
“The presence of a Cat Financial office in Johannesburg not only helps facilitate Caterpillar growth in an emerging market, but also further supports business development in South Africa, where Caterpillar has had a presence since 1927,” said Caterpillar Financial Services South Africa Managing Director Dave Brooks. “Our new subsidiary will broaden customer access to our Cat® machinery and equipment, furthering our support for emerging contractors and black industrialists as they compete and succeed. We look forward to working closely with South African customers and the independent Cat dealer Barloworld Equipment, providing a full array of finance products and tools to help them succeed in this market.”
“The shift from large construction houses to small and medium size enterprises in the region has made deal finance a key customer requirement. The emerging customer does not always have the funds to close a deal and in most cases, has a limited track record and balance sheet to easily secure funding,” said Emmy Leeka, CEO, Barloworld Equipment southern Africa. “We, therefore, welcome the broad spectrum of financial support that Cat Financial will enable us to offer our existing and new customers.”
About Cat Financial
For more than 30 years, Cat Financial has helped customers make progress possible every day through financial service excellence. They are proud to lay the foundation for a healthy and successful business for customers in a variety of industries. With the backing of parent company, Caterpillar Inc., Cat Financial offers a wide range of finance solutions to customers and Cat® dealers for Cat machinery and engines, Solar® gas turbines and other equipment and marine vessels.
Headquartered in Nashville, Tennessee, Cat Financial is a local business to our global customers. With offices and subsidiaries located throughout North and South America, Africa, Asia, Australia, the Middle East and Europe, you can find Cat Financial anywhere progress is made. For more information, visit catfinancial.com.
For more than 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2017 sales and revenues of $45.462 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
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Caterpillar’s actual results may differ materially from those described or implied in our forward-looking statements based on a number of factors, including, but not limited to: (i) global and regional economic conditions and economic conditions in the industries we serve; (ii) commodity price changes, material price increases, fluctuations in demand for our products or significant shortages of material; (iii) government monetary or fiscal policies; (iv) political and economic risks, commercial instability and events beyond our control in the countries in which we operate; (v) international trade policies and their impact on demand for our products and our competitive position, including the imposition of new tariffs or changes in existing tariff rates; (vi) our ability to develop, produce and market quality products that meet our customers’ needs; (vii) the impact of the highly competitive environment in which we operate on our sales and pricing; (viii) information technology security threats and computer crime; (ix) additional restructuring costs or a failure to realize anticipated savings or benefits from past or future cost reduction actions; (x) failure to realize all of the anticipated benefits from initiatives to increase our productivity, efficiency and cash flow and to reduce costs; (xi) inventory management decisions and sourcing practices of our dealers and our OEM customers; (xii) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xiii) union disputes or other employee relations issues; (xiv) adverse effects of unexpected events including natural disasters; (xv) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xvi) failure to maintain our credit ratings and potential resulting increases to our cost of borrowing and adverse effects on our cost of funds, liquidity, competitive position and access to capital markets; (xvii) our Financial Products segment’s risks associated with the financial services industry; (xviii) changes in interest rates or market liquidity conditions; (xix) an increase in delinquencies, repossessions or net losses of Cat Financial’s customers; (xx) currency fluctuations; (xxi) our or Cat Financial’s compliance with financial and other restrictive covenants in debt agreements; (xxii) increased pension plan funding obligations; (xxiii) alleged or actual violations of trade or anti-corruption laws and regulations; (xxiv) additional tax expense or exposure, including the impact of U.S. tax reform; (xxv) significant legal proceedings, claims, lawsuits or government investigations; (xxvi) new regulations or changes in financial services regulations; (xxvii) compliance with environmental laws and regulations; and (xxviii) other factors described in more detail in Caterpillar’s Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.