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Caterpillar is investing $1 billion in a new North Carolina manufacturing plant

The equipment maker plans to build a facility in Sanford to boost production of compact track loaders and telehandlers

Patrick T. Fallon / AFP via Getty Images

Caterpillar $CAT announced plans Wednesday to invest approximately $1 billion in North Carolina to expand manufacturing capacity for compact construction equipment. The company said it plans to construct a new Sanford facility dedicated to ramping up output of compact track loaders and telehandlers.

The investment is tied to Caterpillar's Cat Compact strategy, which targets small contractors and growing businesses. Both machine types serve a range of industries, including construction, landscaping, agriculture and material handling, the company........

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