Caterpillar Raises Record $13.8 Million in United Way Campaign

Rhea-AI Summary

Caterpillar Inc. (NYSE: CAT) announced a record pledge of over $13.8 million to United Way chapters across the United States, Canada, Mexico, and Panama for its 2022-2023 campaign, marking a $1 million increase from the previous year. The Caterpillar Foundation matches employee contributions dollar for dollar, highlighting a sustained commitment to community support. Over the past 20 years, the company has raised more than $200 million through this initiative. Caterpillar operates globally, primarily in construction and mining equipment, with 2021 sales of $51 billion.

Positive

• Record pledge of $13.8 million represents a $1 million increase from last year.
• Caterpillar Foundation matches employee donations dollar for dollar.
• Over $200 million raised in the last 20 years through the campaign.

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• None.

Funds will help improve the lives of individuals in communities across the United States, Mexico, Canada and Panama

IRVING, Texas, Nov. 3, 2022 /PRNewswire/ -- Caterpillar Inc. (NYSE: CAT) employees and retirees together with the Caterpillar Foundation, the philanthropic organization of Caterpillar, have pledged more than $13.8 million to the United Way chapters across the United States, Mexico, Canada and Panama as part of its 2022-2023 campaign. This record amount is a $1 million increase from 2021.

From San Diego, California to Sanford, North Carolina and Toronto, Canada to Reynosa, Mexico, Caterpillar employees and retirees are passionate about giving back to their local communities.

"I want to express my sincere thanks to our employees and retirees who are helping to build a better, more sustainable world," said Caterpillar Chairman and CEO Jim Umpleby. "Their incredible generosity is demonstrated by our campaign increase from $12.2 million in 2020 to $13.8 million this year, continuing to create a positive impact in our global communities."

The United Way has been Caterpillar's only annual solicitation for funds to its employees and retirees for more than 70 years. The Caterpillar Foundation matches employee and retiree donations dollar for dollar. Over the past two decades alone, more than $200 million has been raised during the annual campaign.

United Way assesses local community needs, finds efficient programs that deliver measurable outcomes and works to eliminate those needs in the future by identifying the causes and creating long-term solutions.

"Caterpillar is proud to harness the passion of our employees and partner with United Way to help elevate the quality of life for millions of people worldwide," said Caterpillar Foundation President Asha Varghese.

Caterpillar is part of the United Way's Global Corporate Leadership Program, which includes 87 corporate partners that raise more than $875 million annually. There are more than 1,100 United Way chapters globally, and Caterpillar's annual campaign supports 531 of these local chapters where the company's employees live and work.

About Caterpillar

With 2021 sales and revenues of $51.0 billion, Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, we've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. Our innovative products and services, backed by our global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments – Construction Industries, Resource Industries and Energy & Transportation – and providing financing and related services through our Financial Products segment. Visit us at caterpillar.com or join the conversation on our social media channels.

About the Caterpillar Foundation

Founded in 1952, Caterpillar's philanthropic organization, the Caterpillar Foundation, has contributed more than $850 million to help make sustainable progress possible around the world by building resilient communities that thrive in a rapidly changing world. To learn more about the global impact of the Caterpillar Foundation, visit caterpillar.com/foundation. To connect with us on social media, visit caterpillar.com/social-media.

Forward-Looking Statements

Certain statements in this press release relate to future events and expectations and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "estimate," "will be," "will," "would," "expect," "anticipate," "plan," "forecast," "target," "guide," "project," "intend," "could," "should" or other similar words or expressions often identify forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding our outlook, projections, forecasts or trend descriptions. These statements do not guarantee future performance and speak only as of the date they are made, and we do not undertake to update our forward-looking statements.

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) inventory management decisions and sourcing practices of our dealers and our OEM customers; (x) a failure to realize, or a delay in realizing, all of the anticipated benefits of our acquisitions, joint ventures or divestitures; (xi) union disputes or other employee relations issues; (xii) adverse effects of unexpected events; (xiii) disruptions or volatility in global financial markets limiting our sources of liquidity or the liquidity of our customers, dealers and suppliers; (xiv) 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; (xv) our Financial Products segment's risks associated with the financial services industry; (xvi) changes in interest rates or market liquidity conditions; (xvii) an increase in delinquencies, repossessions or net losses of Cat Financial's customers; (xviii) currency fluctuations; (xix) our or Cat Financial's compliance with financial and other restrictive covenants in debt agreements; (xx) increased pension plan funding obligations; (xxi) alleged or actual violations of trade or anti-corruption laws and regulations; (xxii) additional tax expense or exposure, including the impact of U.S. tax reform; (xxiii) significant legal proceedings, claims, lawsuits or government investigations; (xxiv) new regulations or changes in financial services regulations; (xxv) compliance with environmental laws and regulations; (xxvi) the duration and geographic spread of, business disruptions caused by, and the overall global economic impact of, the COVID-19 pandemic; and (xxvii) other factors described in more detail in Caterpillar's Forms 10-Q, 10-K and other filings with the Securities and Exchange Commission.

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SOURCE Caterpillar Foundation