Caterpillar Forms New Remanufacturing Division, Adds Production Systems Division

PEORIA, Ill. – Caterpillar announced today the formation of a new Remanufacturing Division to support the company's commitment to sustainable development and to achieving growth goals.

Steven Fisher, who was elected vice president effective Dec. 1, will lead the Remanufacturing Division. Fisher, 50, is currently president of Caterpillar Remanufacturing Services.

"The explosive growth and long-term potential for the remanufacturing business requires executive leadership," said Caterpillar Chairman and CEO Jim Owens. "Steve's strong background in accounting and cost management, and his proven experience helping grow this business through acquisitions and expanded services over the last two years, make him well suited to make this an even stronger business for Caterpillar."

Caterpillar is one of the world's largest remanufacturers, processing more than two million units annually and recycling more than 100 million pounds of remanufactured products each year. The company launched the remanufacturing business in the 1970s with engines and now offers remanufacturing services for a variety of products and components to serve Caterpillar and external clients.

Fisher has overseen three acquisitions and the formation of two strategic alliances during his tenure.

"We have a unique expertise that not only contributes to a sustainable environment, but demonstrates our commitment to helping customers lower their costs," Owens said. "Because of this, we expect the remanufacturing business to continue to be one of the largest growth opportunities for Caterpillar in the future."

Fisher joined Caterpillar in 1978 as an accounting trainee, gaining experience in cost accounting and investment analysis. He was named business resource manager for the company's fuel systems facility in 1991, moving to Performance Engine Products Division in 1995. He served as a cost management and business services manager in the Corporate Services Division from 1998 to 2001, where he was instrumental in mergers and acquisitions activity and in the development of the company's internal strategic consulting business. He joined the remanufacturing group in 2001.

Caterpillar also announced today that it has formed a new division to lead an enterprise transformation of manufacturing systems to help set a "gold standard" for quality, safety and speed in industry.

The Production Systems Division will be headed by James Waters, who was elected a vice president effective Dec. 1. Waters, 47, is currently manager of the hydraulics business in the Motion & Power Control Division.

"This new division will lead our efforts to establish Caterpillar as the pre-eminent global manufacturer of top-quality products at the lowest cost while increasing our speed and safety performance," Owens said. "Jim will provide leadership to this enterprise effort, drawing on his strong systems and process skills as well as his product and manufacturing management experience gained in Japan, the U.K. and the U.S."

Waters joined Caterpillar in 1978 as an engineering co-op trainee. He held several manufacturing and systems engineering positions from 1981 to 1990. He moved to Japan in 1990 to the Hydraulic Excavator Design Center with Shin Caterpillar Mitsubishi Ltd. (SCM), where he held positions in component design and production. He became managing director of production in 1994 for SCM. He served as managing director and general manager of the Leicester, England, Building Construction Products Division facility from 1996 to 2002, when he became general manager of the Hydraulics and Hydraulic Systems business in Joliet, Ill.