CORINTH – It’s not often that a $56 billion global company decides to have its board of directors, executive team and shareholders meet in a small town of 15,000.
But that is exactly the case for Peoria, Illinois-based Caterpillar Inc., which is meeting today in Corinth, where the company has had a presence for 32 years.
“In recent years, we’ve tried to have our shareholders meetings where we have facilities,” said Caterpillar spokeswoman Rachel Potts. “It gives our board as well as executive officers a chance to see these facilities, and our shareholders to also learn more about them.”
Recent shareholders meetings have been in North Little Rock, Arkansas; Greensboro, North Carolina, and San Antonio, Texas.
Corinth is home to some of Caterpillar’s Remanufacturing operations, employing some 1,200 employees.
Caterpillar also employs another 500 workers in facilities in Booneville, Oxford and Water Valley.
About 200 people are expected to attend the meeting this morning. The figure is a combination of shareholders, board members, officers of the company, employees from the Reman facilities and support staff.
In February, Caterpillar announced its latest expansion at its Corinth operations.
A $14.8 million investment adds 30 jobs to its new Large Engine Remanufacturing Facility, which builds the company’s C175 engine used for mining equipment and power generation.
Remanufacturing is similar to refurbishing. But with Caterpillar engines, every part is disassembled, retooled and put in good-as-new condition.