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Caterpillar puts hold on plan for new headquarters downtown Peoria

On the same day the Peoria, Illinois-based company Caterpillar announced they would be restructuring and cutting thousands of jobs, a freeze was placed o...
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On the same day the Peoria, Illinois-based company Caterpillar announced they would be restructuring and cutting thousands of jobs, a freeze was placed on the company's plans for a new headquarters building.

Caterpillar announced the cuts Thursday, September 24, 2015, roughly seven months after a new headquarters building was slated to be placed downtown Peoria, Illinois.

The announcement for the new 31-acre headquarters came in February of 2015. In making that announcement, CEO Doug Oberhelman put any rumors to rest that the company was leaving, saying "we're here in Peoria to stay."

“An expected permanent reduction in Caterpillar’s salaried and management workforce, including agency, of 4,000 to 5,000 people between now and the end of 2016” is part of the company’s plan.

Most of those cuts will happen before the end of 2015.

According to the Peoria Journal Star, a spokesperson from the company said Caterpillar will stay in Peoria, Illinois.

"Our vision and our hopes and plans for a headquarters in Downtown have not changed," the spokesperson said, according to the report.