Caterpillar joins with local

Caterpillar, the world's largest construction equipment maker, announced it had signed a cooperation agreement with Shandong Equipment Machinery Co. No details were revealed of the deal but the company said it was in discussions with other Chinese producers that could result in further investments in the future. Caterpillar now operates eight manufacturing JVs and wholly-owned firms in China. The US-based company reported US$20.1 billion in global sales and revenues last year.