Caterpillar Inc. (NYSE: CAT) announced plans to invest approximately $1 billion in North Carolina to expand manufacturing capacity for its compact equipment business, according to a company press release dated Sept. 30, 2026.

The investment includes a new manufacturing facility in Sanford, North Carolina, intended to increase production of compact track loaders and telehandlers. The company cited its existing presence in the state, local workforce strength, and current manufacturing operations in Sanford as factors in selecting the location.

The planned facility is expected to incorporate automation, digital production systems and integrated logistics capabilities. Caterpillar said the project is also expected to create jobs in areas including robotics and advanced manufacturing.

"As demand for compact equipment continues to increase, we're investing to better serve this growing segment of customers," said Rod Shurman, president of Caterpillar's Construction Industries Group.

Compact track loaders and telehandlers are used across construction, landscaping, agriculture and material handling applications. The investment supports Caterpillar's Cat Compact strategy, which targets small contractors and growing businesses.

Caterpillar reported 2025 sales and revenues of $67.6 billion.