Caterpillar sees soft economy stretching into 2009
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Thu, 28 Aug 2008 03:50:11 GMT |
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BEIJING (Reuters) - Caterpillar Inc expects weakness in rich-country economies to persist into 2009 but its sales in China remain strong, Jim Owens, chairman and chief executive of the U.S. construction and mining equipment firm, said on Thursday.Caterpillar raised its full-year earnings guidance in July as strong growth in emerging countries offset the impact of rising commodity prices and weakness in economies in North America, Western Europe and Japan Caterpillar plans to invest an initial $20 million in a research and development centre in the southeastern city of Wuxi to support China and the rest of the Asia Pacific region, Owens told reporters in a media briefing. Caterpillar, a component of the Dow Jones industrial average and a U.S. business bellwether, expects global sales this year to top $50 billion, Owens said. On July 22 it said full-year revenues would be around that mark.The company told Reuters last month that it expects sales in China to rise to $4 billion in 2010 from around $2 billion this year.($=6.828 yuan)(Reporting by Michael Wei; Editing by Alan Wheatley)
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