PEORIA, Ill., Aug. 28 /PRNewswire-FirstCall/ -- Caterpillar Inc. (NYSE:CAT) and its dealers are working with David Powers Motorsports (DPM) and the National Hot Rod Association (NHRA) to sponsor a dragster in the popular motorsport circuit during the 2008 racing season. The partnership represents an innovative approach to recruiting service technicians for Cat dealers in the U.S. and Canada.
The proposed agreement follows a successful technician recruiting pilot program already underway with Caterpillar, some of its dealers, DPM and the NHRA. A shortage of qualified service technicians prompted the pilot. Caterpillar and its dealers found the NHRA drag racing format offers a rich recruiting environment of highly skilled candidates with mechanical backgrounds.
"These races provide a venue for our dealers to meet one-on-one with these drag racing and engine enthusiasts who are also prospective employees," said Bill Mayo, vice president of Caterpillar's North American Commercial Division. "Recruiting -- especially in this arena -- is vital to the future growth of both Caterpillar and our dealers. We are constantly looking for creative investments like this to secure talent for Team Caterpillar."
As part of the pilot program, DPM has already worked with Mustang Cat, Fabick Cat, Wagner Cat, Peterson Cat and Ransome Cat. The dragster will next feature the Cat and MacAllister Cat logos at the upcoming U.S. Nationals taking place in Indianapolis on Labor Day weekend. The events have yielded significant leads for dealer service technician candidates.
"We're thrilled Caterpillar and its network of dealers chose our team as a partner when entering the NHRA venue," said David Powers, DPM Owner. "Together, we will help Cat and its dealers find these much-needed service technicians. And, in turn, we'll strive to carry the Cat banner into the winner's circle time and time again."
NHRA events are attended by up to 125,000 people per event and the televised races reach more than 91 million viewers. DPM's driver, Rod Fuller, currently leads the NHRA Top Fuel standings in his third season with the race team. Fuller raced the Wagner Cat dragster to a win at the Denver race in July.
For more than 80 years, Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent. With 2006 sales and revenues of $41.517 billion, Caterpillar is the world's leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. The company also is a leading services provider through Caterpillar Financial Services, Caterpillar Remanufacturing Services, Caterpillar Logistics Services and Progress Rail Services. More information is available at http://www.cat.com.
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown factors that may cause actual results of Caterpillar Inc. to be different from those expressed or implied in the forward-looking statements. In this context, words such as "will" and "expect" or other similar words and phrases often identify forward-looking statements made on behalf of Caterpillar. It is important to note that actual results of the company may differ materially from those described or implied in such forward-looking statements based on a number of factors and uncertainties, including, but not limited to, changes in economic conditions, currency exchange or interest rates; political stability; market acceptance of the company's products and services; significant changes in the competitive environment; epidemic diseases; changes in law, regulations and tax rates; and other general economic, business and financing conditions and factors described in more detail in the company's Form 10-K filed with the Securities and Exchange Commission on February 23, 2007. We do not undertake to update our forward-looking statements.
Source: Caterpillar Inc.