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　　QINGZHOU CITY, Shandong Province, People’s Republic of China (PRC) – Caterpillar Inc. (NYSE: CAT) Chairman and CEO James W. Owens finalized today the acquisition of minority ownership in Shandong SEM Machinery Co., Ltd. (SEM), one of China’s leading wheel loader manufacturers.

　　Owens’ announcement marks the conclusion of more than a year of negotiations aimed at leveraging SEM’s expertise, product quality and market position to expand Caterpillar’s presence in China. In addition to the immediate minority ownership, the new agreement provides Caterpillar an option to purchase the remaining equity in SEM in 2007.

　　“China presents Caterpillar and our customers with an unprecedented opportunity to help develop an infrastructure that supports and nurtures this rapidly developing economy and society,” Mr. Owens said during a closing ceremony at SEM headquarters in the City of Qingzhou. “Today marks another vital step in our strategic journey to be part of China’s development by investing in core manufacturing and providing our customers here with the world’s best products and services.”

　　Joining Owens in finalizing this acquisition was SEM Chairman Wang Chunquan and General Manager Yang Yinggen.

　　“As a global leader renowned for quality and customer service, Caterpillar is an excellent choice for our business, providing SEM the opportunity to grow, not just in serving the Chinese market, but Asia-Pacific as a whole,” Mr. Wang said. “Caterpillar has clearly demonstrated its commitment to the Chinese people and manufacturing economy, and we’re proud to be part of this great company and further expand our joint ability to locally produce quality products.”

　　“We are extremely pleased to welcome all SEM employees to Team Caterpillar,” said Rich Lavin, Caterpillar Vice President of Asia-Pacific Operations, “and we applaud the leadership of both SEM and the Shandong Province for working diligently with us to establish this critical element of our strategy that will both strengthen and expand our collective role in China.”

　　In addition to the SEM acquisition, Caterpillar continues to rapidly implement other aspects of its business model in China, including financing, logistics, distribution, procurement, rental and used equipment. Today, Caterpillar operates ten facilities – both joint venture and wholly owned businesses – and employs approximately 2,000 people throughout China. The company distributes its products through five independent Caterpillar dealers, offering customers throughout China the best-in-class service and support that distinguishes Caterpillar’s distribution network worldwide.