caterpillar inc said tuesday it will move its global headquarters from illinois to an existing divisional office in irving texas in the dallasforth worth area in another blow to the chicago area which last month lost the boeing co headquarters the move is “in the best strategic interest of the company” chief executive jim umpleby said in a statement the heavymachinery maker has had a presence in texas since the 1960s it said even with the move illinois has the largest concentration of caterpillar cat employees anywhere in the world the company said the headquarters was historically in downstate peoria ill before a move to the chicago suburb of deerfield in 2017 caterpillar said it will begin the relocation this year without proving further details boeing ba in may said it was moving its global headquarters to arlington va outside washington dc promising to keep a “significant presence” in chicago where it moved in 2001 from seattle texas also welcomed tesla inc tsla headquarters last year with chief executive elon musk blaming the san francisco bay area’s lack of affordable housing for the move tesla was headquartered in palo alto in the heart of silicon valley musk had said in 2020 he had moved to texas saying that silicon valley has had “too much influence in the world” shares of caterpillar fell 04 in midday trading tuesday the stock has lost about 03 so far this year contrasting with losses of more than 21 for the sp 500 spx