Caterpillar to locate financial services centre in Larne

American-based heavy equipment manufacturer Caterpillar Inc has announced the creation of a shared financial services centre based in Larne to service its network of companies across Europe.

Caterpillar will receive selective financial assistance of £220,000 from Invest NI towards the total costs of an investment that over the next three-year period is expected to create 25 new jobs. The jobs will be based at the Larne site of FG Wilson (Engineering) Ltd and it is envisaged that the facility will continue to grow there.

The new operation will provide a central service for the thousands of financial transactions, such as invoicing, credit control and treasury that are needed to ensure the smooth running of the Caterpillar Group companies throughout Europe.

Walter Jess, Financial Shared Services Manager of Caterpillar Compact Power Systems commented: “We are setting up this new operation to enable us to centralise and streamline key financial services which are currently handled independently. This facility will enable increased efficiency and cost savings that will enhance the competitiveness of all of our companies within Europe.”

He added: “Before selecting Northern Ireland we looked into a number of different locations. However, Larne emerged as our preferred base of operations because of the highly skilled population and strong work ethic. We are delighted with this new facility.”

Chief Executive of Invest NI, Leslie Morrison, commented: “Securing the Caterpillar project will further enhance Northern Ireland’s fast developing reputation as an attractive location for this type of financial shared-service facility.

“It is also an immensely important endorsement of Northern Ireland by one of the world’s biggest and most successful manufacturing companies. This type of investment, the first by Caterpillar Inc, will provide significant benefits to the local economy in terms of increased employment opportunities, wealth creation and skills development.

(SP/MB)