Caterpillar to move headquarters from Illinois to Texas

(CNN Business)Industrial conglomerate Caterpillar, Inc. is moving its global headquarters from suburban Chicago to suburban Dallas, the company announced Tuesday.

The move from Deerfield, Illinois, to its existing office space in Irving, Texas, will begin later this year, Caterpillar said.

"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," said Chairman and CEO Jim Umpleby in a written statement.

    The company — which makes construction equipment among other products — is a manufacturing bellwether and one of the 30 companies whose stock price influences the Dow Jones Industrial Average.

      Caterpillar

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      spokesperson said the move will affect 230 employees. The company noted that it will continue to have more employees in Illinois than any other state.

          Texas Gov. Greg Abbott hailed the move Tuesday, but added that the company "is not currently receiving any incentives from the State of Texas for the relocation."