Mbl: Caterpillar
Caterpillar
Tony Keller
MBL 524: Financial Management for Business Leaders
Catherine Frost
May 29, 2013
Caterpillar
In the 1890s and early 1900s, Benjamin Holt created wooden tracks that were chained together that he fastened to a steam tractor. This created an easier maneuverable tractor across the soft dirt of San Joaquin Valley Delta, California therefore causing easier and faster farming as well as construction. His photographer, Charles Clements, who caught pictures of the machine stated that “the motion of the tractor moved like a caterpillar” (Cleveland Brothers CAT: History, 2013) which then gave Holt the name for his machines and the brand name of the company.
In 1910, Benjamin Holt expanded his company to Peoria, Illinois where farmers and construction companies from all over the Midwest including parts of Canada and Mexico started purchasing Holt’s machines. The business grew so rapidly that the shop went from 12 employees to 625 employees in only two years. Shortly after this expansion, World War One came around and Holt felt the need to get involved even before America did. So, he sent 1,200 tractors to England, France, and Russia for agriculture reasons but due to their heavy duty builds and maneuverability in the soft dirt and sand, the governments immediately started using them to haul guns and other military machines. These heavy duty machines soon became the inspiration and design influence for tanks which would become a huge part of war (Caterpillar: History, 2013).
Shortly after the first World War ended, Holt because producing his tractors for the farmers and earth movers in America again but was struggling for money since he focused all of his attention earlier on the War which allowed his competitors to sweep in and start overselling in Holt’s market. With this struggling time, he merged with his biggest competitor C.L. Best Tractor Company which then created the Caterpillar Tractor Company
Tony Keller
MBL 524: Financial Management for Business Leaders
Catherine Frost
May 29, 2013
Caterpillar
In the 1890s and early 1900s, Benjamin Holt created wooden tracks that were chained together that he fastened to a steam tractor. This created an easier maneuverable tractor across the soft dirt of San Joaquin Valley Delta, California therefore causing easier and faster farming as well as construction. His photographer, Charles Clements, who caught pictures of the machine stated that “the motion of the tractor moved like a caterpillar” (Cleveland Brothers CAT: History, 2013) which then gave Holt the name for his machines and the brand name of the company.
In 1910, Benjamin Holt expanded his company to Peoria, Illinois where farmers and construction companies from all over the Midwest including parts of Canada and Mexico started purchasing Holt’s machines. The business grew so rapidly that the shop went from 12 employees to 625 employees in only two years. Shortly after this expansion, World War One came around and Holt felt the need to get involved even before America did. So, he sent 1,200 tractors to England, France, and Russia for agriculture reasons but due to their heavy duty builds and maneuverability in the soft dirt and sand, the governments immediately started using them to haul guns and other military machines. These heavy duty machines soon became the inspiration and design influence for tanks which would become a huge part of war (Caterpillar: History, 2013).
Shortly after the first World War ended, Holt because producing his tractors for the farmers and earth movers in America again but was struggling for money since he focused all of his attention earlier on the War which allowed his competitors to sweep in and start overselling in Holt’s market. With this struggling time, he merged with his biggest competitor C.L. Best Tractor Company which then created the Caterpillar Tractor Company