Caterpillar Locates Financial Services Centre in Northern Ireland

Jan 24, 2005

Caterpillar Inc today announced the creation of anew shared financial services centre based in Northern Ireland to service its network of companies across Europe.

Invest Northern Ireland has offered Caterpillar Inc selective financial assistance of £220,000 towards the total costs of the investment which over the next three-year period is expected to create 25 new job opportunities. The employment opportunities will be based at the Larne site of FG Wilson (Engineering) Ltd and it is envisaged that the facility will continue to grow there.

The new operation will provide a central service for the thousands of financial transactions, such as invoicing, credit control and treasury that are needed to ensure the smooth running of the Caterpillar Group companies throughout Europe. 

Walter Jess, Financial Shared Services Manager of Caterpillar Compact Power Systems commented: “We are setting up this new operation to enable us to centralise and streamline key financial services which are currently handled independently. This facility will enable increase defficiency and cost savings that will enhance the competitiveness of all of our companies within Europe.”

Mr Jess continued: “Before selecting Northern Ireland we looked into a number of different locations.  However Larne emerged as our preferred base of operations because of the highly skilled population and strong work ethic.  We are delighted with this new facility.”

Leslie Morrison, Chief Executive of Invest NI,commented: “Securing the Caterpillar project will further enhance Northern Ireland’s fast developing reputation as an attractive location for this type of financial shared-service facility.”  

Mr Morrison continued: “It is also an immensely important endorsement of Northern Ireland by one of the world’s biggest and most successful manufacturing companies. This type of investment, the first by Caterpillar Inc, will provide significant benefits to the local economy in terms of increased employment opportunities, wealth creation and skills development.

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