Caterpillar Builds $50m Factory

Caterpillar has begun construction of a factory near Tosno, which will be the first large manufacturing project in Russia by one of the world's leaders in construction and mining equipment, covering 24 hectares and employing 1000 people. The factory will

<BR>Caterpillar has begun construction of a factory near Tosno, which will be the first large manufacturing project in Russia by one of the world's leaders in construction and mining equipment, covering 24 hectares and employing 1000 people. The factory will be producing road construction equipment by the end of 1999, after investment of more than $50m. <BR>It took the company 3.5 years to find an appropriate site, after examining about 30 options in different Russian regions. St Petersburg was also a candidate, but OOO Caterpillar Tosno said that the city administration did not display any particular interest in attracting their investment. "The city authorities for some reason thought that it's better to build a casino or a shop, than a large factory," complained managers.