Friday, 22 September, 2017

Caterpillar shares sink on news of federal probe

An official parking placard visible inside the windshield of a car parked in front of Caterpillar headquarters on Adams Street in downtown Peoria today Feds search Caterpillar facilities in Peoria
Mae Harvey | 03 March, 2017, 00:26

The stock, one of the 30 components of the Dow Jones Industrial Average, was down more than 4.5% in afternoon trading at $94.15.

Federal agents searched three Caterpillar Inc. facilities near the construction- and mining-equipment giant's IL headquarters on Thursday, according to the company and a law-enforcement official.

While authorities did not immediately disclose details of the raid, NBC affiliate WEEK reported receiving photos of law enforcement wearing IRS jackets entering Caterpillar's headquarters.

Federal officials are executing a search warrant at several Caterpillar offices. "Caterpillar is cooperating. She wouldn't comment further".

It's understood that that some employees at Caterpillar's world headquarters in downtown Peoria were told to wait in the building's cafeteria and not to leave without permission while the search took place.

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Caterpillar has previously disclosed receiving a grand jury subpoena in January 2015 related to the "movement of cash among its United States and overseas subsidiaries", as well as purchases and resale of spare parts. It's not clear if that matter has been settled or if it is related to Thursday's search.

In 2014, Caterpillar was also subject to an investigation by Michigan Senator Carl Levin, which accused the machining giant of using offshore tax havens to dodge USA taxes, a probe that the company and its auditor, PricewaterhouseCoopers, cooperated on.

In its annual filing with the Securities and Exchange Commission, Caterpillar said it did not expect the outstanding investigations to have a "material adverse effect on the Company's consolidated results of operations, financial position or liquidity". S. subsidiaries and the movement of cash among U.S. and non-U.

Associated Press writer Matthew Ott contributed from Washington, D.C.

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