VIDEO: Caterpillar CEO Doug Oberhelman tips 2016 revenues fall
Caterpillar CEO Doug Oberhelman is tipping revenues for the US construction equipment manufacturing giant to be down for the fourth year in a row in 2016 – what will be an unwelcome first in the company’s 90-year history.
Oberhleman makes the prediction and talks about other key issues affecting Caterpillar trading in a filmed interview with Fortune magazine’s Susie Gharib.
Of Caterpillar’s attempts to increase its market share in China, the biggest construction market in the world, where the US firm accounts for less than 4% of company sales, Oberhelman tells Gharib: “We’re working hard to win there. We should all be hoping that they manage that economy through growth. It’s a tough transition for them and for the world.”
Oberhelman says funding for a long-term highway bill in the US is the one bright spot for the new year – believing government lawmakers will pass the six-year legislation.