China 'important' to Caterpillar's success, says company president

CHICAGO - "China is important to Caterpillar's global success," said Ramin Younessi, a group president of the US equipment manufacturer.

Caterpillar sold 38 pipe-layers to the China National Petroleum Corporation 40 years ago and started its business in China.

"We established our first manufacturing site in Xuzhou, Jiangsu province, to build hydraulic excavators because it's critical for us to be close to the local customers and to manufacture near the market," said Younessi, who is the person in charge of Caterpillar's Construction Industries Group.