|
|
PEORIA, Ill. – One of Caterpillar’s founding fathers is being recognized for his ingenuity and entrepreneurial spirit with induction into the National Inventors Hall of Fame. At a news conference today in Washington, D.C., the Hall of Fame announced that it is posthumously honoring Benjamin Holt for ushering in the modern era of mechanized farming and construction with his "Traction Engine" (Patent No. 874,008).
Holt's invention was inspired by the plight of California farmers who found wheels ineffective in preventing heavy equipment from sinking into the soft, muddy soil. Holt designed a track-laying system to disperse weight and provide better traction, producing in 1904 the prototype of the first practical track-type tractor. The photographer who documented one of its first successful tests dubbed the machine the "caterpillar," inspiring the company name and launching the Caterpillar brand that has developed a global reputation for quality and rugged durability.
|
|
"Holt invented the tracks, but he also set the standard for innovation and quality that all of Team Caterpillar aspires to in 2006 and beyond," said Robert Williams, Caterpillar vice president with responsibility for the company's flagship Track-Type Tractors Division. In honor of the continuing inventive spirit at Caterpillar, the company is beginning an internal inventor award program, recognizing engineers who acquire 15 or more patents in the course of their Caterpillar careers. Caterpillar has more than 3,800 inventors who have contributed to more than 6,800 granted U.S. patents for Caterpillar, with nearly 1,200 U.S. patents alone granted within the last five years.
The Holt Mfg. Co. merged with competitor CL Best Tractor Co. in 1925, forming the Caterpillar Tractor Co., predecessor to modern-day Caterpillar. Both founding families set in place the tradition of innovation that continues today. Benjamin Holt achieved 47 patents in his name; his nephew Pliny Holt had 38 patents. Fellow Caterpillar Inc. founders Daniel Best had 42 patents and his son C. L. Best, the first chairman of Caterpillar, had 27 patents. Some of C. L. Best’s patents reflect inventions he refined during his tenure as chairman as he continued to innovate while leading the successful company.
|
|
Used extensively by the U.S., French, and British armies in World War I and World War II, the track-type tractor was used to haul men and supplies across the battlefield. From 1914 to 1918, 10,000 Caterpillar tractors were made by The Holt Mfg. Co. and other licensed manufacturers for use in the war. It was one of the inspirations for the design of the British tank, which profoundly altered ground warfare tactics. At the end of World War II, Admiral William F. "Bull" Halsey, Commander, Third Fleet, said, "The four machines that won the war in the Pacific were the submarine, radar, the airplane and the tractor-bulldozer."
Today, Caterpillar manufactures more than 300 machines, as well as engines, work tools and other technology and OEM solutions in the construction, forestry, demolition/scrap, mining and marine industries. The company recently announced 2005 revenue of $36.339 billion. Caterpillar products and components are manufactured in 49 U.S facilities and in 59 other locations in 22 countries; its dealer network spans more than 200 countries.
Caterpillar CEO Jim Owens recently presented a new enterprise strategy for the year 2010 and beyond.
“Now is the time to define the next set of hills to conquer,” Owens told a group of financial analysts and institutional shareholders. “We have a clear blueprint to build on our successes and strengths. We have set challenging but realistic goals for 2010 and beyond, and are committed to achieving success that will reward customers, stockholder and employees. It’s about being No. 1 in every endeavor we pursue, affirming our leadership in technology and innovation, and creating a great place to work. These are the things that will take Caterpillar performance to the next level.”
During his presentation, Owens highlighted key goals for the company for 2010:
- Achieve breakthroughs in factory-delivered product quality
- Be No. 1 for every major product group on every continent in the markets Caterpillar serves
- Achieve $50 billion in sales and revenue by 2010
- Deliver EPS growth which averages 15 to 20 percent annually through 2010
- Dramatically improve earnings performance in any future economic downturn
“Team Caterpillar is as well positioned as any company, in any industry, to succeed in the global economy," Owens said. "We're excited to take on the challenges ahead of us - because we have the right strategy, products, technology, footprint and people to win."
