Audio – Caterpillar boss: Don’t fear the spread
Caterpillar Chief Executive Jim Owens spoke about the possible spread of the recent housing crisis and other economic worries at the annual Reuters Manufacturing Summit.
While there is always the chance that the housing and residential construction crisis could extend beyond those businesses directly touched by it, he did not see it as a major concern just yet.
However, Owens, now in his fifth year as the head of Caterpillar, warned that he did not expect that the housing industry to hit its trough until after 2008.
While the majority of Owens’ businesses within CAT have been doing just fine, thank you, there are a number of peripherary sectors that he listed as worth watching.
Owens was one of the featured speakers at this year’s summit, held in our Chicago headquarters. Executives from companies from Honeywell Inc to General Electric Co to Illinois Tool Works participated in this year’s conference.
The next Reuters Summit comes during the week of March 10, when the Global Mining and Steel Summit is held in New York, London and Sydney, Australia.