Caterpillar's Distributor To Establish Distribution Center In Cuba
November 02, 2017 http://www.cubatrade.org/blog/2017/11/2/cater...er-in-cuba
LINK TO PDF OF US COMPANIES WITH PRESENCE IN CUBA
NOTE: There are no United States Government statutory, regulatory or policy prohibitions upon Peoria, Illinois-based Caterpillar Inc. (2017 revenues exceeded US$38 billion) from providing, directly or indirectly, payment terms and/or financing for equipment exports from the United States to the Republic of Cuba.
1 November 2017: HAVANA (Reuters)- Rimco, Caterpillar Inc’s dealer for Cuba, said on Wednesday it would open a distribution center for the U.S. heavy equipment maker at Havana’s Mariel special development zone, making it the first U.S. company to open up shop there.
A view of the booth of Rimco, Caterpillar Inc's dealer for Cuba, at the 35th Havana International Fair in Havana, Cuba, November 1, 2017. REUTERS/Alexandre Meneghini
The deal, signed this week, came as worsening U.S.-Cuban political relations curb U.S. business interest in the Communist-run island of 11 million inhabitants in the wake of the historic 2014 detente.
The United States voted against a U.N. General Assembly resolution that was passed on Wednesday calling for the lifting of the decades-old U.S. economic embargo against Cuba, reversing an abstention by Washington last year.
“We are going to set up a warehouse and distribution center at Mariel and we will be distributing Caterpillar equipment,” Caroline McConnie, Vice President of the privately-held Puerto Rican company Rimco, said in a news conference at Cuba’s annual trade fair. “We have a license from the commerce department and other agencies.”
A license from the Treasury Department’s Office of Foreign Assets Control (OFAC), which handles economic and trade sanctions, was not necessary, she said.
Mariel Director Ana Teresa Igarza said at the news conference that Rimco hoped to open up shop in 2018, and the deal was one of 30 projects, including 11 Mariel had signed off on this year.
Cuba created the zone, just west of Havana, three years ago to attract foreign capital with tax and customs breaks to boost its anemic economy. It hopes the port there could become a hub for the Caribbean and Central and South America.
It is controlled by Almacenes Universales, a company belonging to the Armed Forces Business Enterprises Group (GAESA), which could prove problematic for U.S. companies.
U.S. President Donald Trump in June ordered a ban on business dealings with the military as part of a tightening of trade and travel restrictions.
The new regulations, including that ban, have yet to be unveiled. The Trump administration has said that any deals signed before then would be grandfathered in.
Caterpillar has been building relations with Cuba, which needs to update its ageing infrastructure, and lobbying to lift the U.S. embargo on the country.
Former Chief Executive Doug Oberhelman visited in May last year to meet with the government and make a donation to the foundation that preserves the heritage of U.S. writer Ernest Hemingway in Cuba.
FOR IMMEDIATE RELEASE
February 10, 2016
Caterpillar Names Rimco Official Dealer for Cuba
PEORIA, Ill. – Caterpillar Inc. (NYSE: CAT) today announced that it has selected Rimco, a privately owned Puerto Rico-based company, to be the Cat dealer for Cuba. Currently, Rimco serves as the Cat dealer for Puerto Rico and the Eastern Caribbean. Upon easing of trade restrictions, customers in Cuba will be able to purchase Cat products through Rimco in accordance with U.S. and Cuba regulations.
“We’re pleased to take this important step with our longtime partner, Rimco,” said Philip Kelliher, vice president with responsibility for the Americas & Europe Distribution Services Division. “Cuba needs access to the types of products that Caterpillar makes and, upon easing of trade restrictions, we look forward to providing the equipment needed to contribute to the building of Cuba’s infrastructure. This momentous announcement is part of our preparations in anticipation of the United States lifting its 55-year-old trade embargo on Cuba.”
Caterpillar, an advocate for change in policy toward Cuba for nearly two decades, will continue its work with the Administration and Congress to end the embargo.
“We’re exceptionally proud of our 34-year relationship with Caterpillar,” said Richard F. McConnie, President of Rimco. “There is great affinity between Cuba and Puerto Rico as a result of our shared language, culture and traditions. Rimco will be honored to serve the Cuba market once the United States and Cuba re-establish commercial relations.”
On December 17, 2014, President Obama announced that the United States would move to normalize relations with Cuba. Since that historic day, embassies have opened in each nation and there have been gradual steps to open diplomatic and economic ties between the two countries.
While steps remain until relations are fully normalized, including lifting the embargo, Rimco and Caterpillar will continue preparations to best serve the Cuban marketplace with construction and mining equipment, power systems, marine and industrial engines.
About Caterpillar
For 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2015 sales and revenues of $47.011 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
About Rimco
Rimco is the Caterpillar dealer for Puerto Rico, the U.S. Virgin Islands, the British Virgin Islands, Barbados and the Eastern Caribbean Islands. It is a privately-held Puerto Rico company founded by the McConnie family in 1981. The company has built a strong reputation in the industry with its superior sales, rental and product support capabilities. Rimco sells construction equipment, power systems and engines to its customers in the construction, quarry & aggregates, waste, industrial, commercial and marine segments. Rimco also has a complete fleet of equipment and power systems available for rental through its 5 Cat Rental Stores located in Puerto Rico and Barbados. Additional information about the Rimco organization, its products and services can be found at www.rimcocat.com.
November 02, 2017 http://www.cubatrade.org/blog/2017/11/2/cater...er-in-cuba
LINK TO PDF OF US COMPANIES WITH PRESENCE IN CUBA
NOTE: There are no United States Government statutory, regulatory or policy prohibitions upon Peoria, Illinois-based Caterpillar Inc. (2017 revenues exceeded US$38 billion) from providing, directly or indirectly, payment terms and/or financing for equipment exports from the United States to the Republic of Cuba.
1 November 2017: HAVANA (Reuters)- Rimco, Caterpillar Inc’s dealer for Cuba, said on Wednesday it would open a distribution center for the U.S. heavy equipment maker at Havana’s Mariel special development zone, making it the first U.S. company to open up shop there.
A view of the booth of Rimco, Caterpillar Inc's dealer for Cuba, at the 35th Havana International Fair in Havana, Cuba, November 1, 2017. REUTERS/Alexandre Meneghini
The deal, signed this week, came as worsening U.S.-Cuban political relations curb U.S. business interest in the Communist-run island of 11 million inhabitants in the wake of the historic 2014 detente.
The United States voted against a U.N. General Assembly resolution that was passed on Wednesday calling for the lifting of the decades-old U.S. economic embargo against Cuba, reversing an abstention by Washington last year.
“We are going to set up a warehouse and distribution center at Mariel and we will be distributing Caterpillar equipment,” Caroline McConnie, Vice President of the privately-held Puerto Rican company Rimco, said in a news conference at Cuba’s annual trade fair. “We have a license from the commerce department and other agencies.”
A license from the Treasury Department’s Office of Foreign Assets Control (OFAC), which handles economic and trade sanctions, was not necessary, she said.
Mariel Director Ana Teresa Igarza said at the news conference that Rimco hoped to open up shop in 2018, and the deal was one of 30 projects, including 11 Mariel had signed off on this year.
Cuba created the zone, just west of Havana, three years ago to attract foreign capital with tax and customs breaks to boost its anemic economy. It hopes the port there could become a hub for the Caribbean and Central and South America.
It is controlled by Almacenes Universales, a company belonging to the Armed Forces Business Enterprises Group (GAESA), which could prove problematic for U.S. companies.
U.S. President Donald Trump in June ordered a ban on business dealings with the military as part of a tightening of trade and travel restrictions.
The new regulations, including that ban, have yet to be unveiled. The Trump administration has said that any deals signed before then would be grandfathered in.
Caterpillar has been building relations with Cuba, which needs to update its ageing infrastructure, and lobbying to lift the U.S. embargo on the country.
Former Chief Executive Doug Oberhelman visited in May last year to meet with the government and make a donation to the foundation that preserves the heritage of U.S. writer Ernest Hemingway in Cuba.
FOR IMMEDIATE RELEASE
February 10, 2016
Caterpillar Names Rimco Official Dealer for Cuba
PEORIA, Ill. – Caterpillar Inc. (NYSE: CAT) today announced that it has selected Rimco, a privately owned Puerto Rico-based company, to be the Cat dealer for Cuba. Currently, Rimco serves as the Cat dealer for Puerto Rico and the Eastern Caribbean. Upon easing of trade restrictions, customers in Cuba will be able to purchase Cat products through Rimco in accordance with U.S. and Cuba regulations.
“We’re pleased to take this important step with our longtime partner, Rimco,” said Philip Kelliher, vice president with responsibility for the Americas & Europe Distribution Services Division. “Cuba needs access to the types of products that Caterpillar makes and, upon easing of trade restrictions, we look forward to providing the equipment needed to contribute to the building of Cuba’s infrastructure. This momentous announcement is part of our preparations in anticipation of the United States lifting its 55-year-old trade embargo on Cuba.”
Caterpillar, an advocate for change in policy toward Cuba for nearly two decades, will continue its work with the Administration and Congress to end the embargo.
“We’re exceptionally proud of our 34-year relationship with Caterpillar,” said Richard F. McConnie, President of Rimco. “There is great affinity between Cuba and Puerto Rico as a result of our shared language, culture and traditions. Rimco will be honored to serve the Cuba market once the United States and Cuba re-establish commercial relations.”
On December 17, 2014, President Obama announced that the United States would move to normalize relations with Cuba. Since that historic day, embassies have opened in each nation and there have been gradual steps to open diplomatic and economic ties between the two countries.
While steps remain until relations are fully normalized, including lifting the embargo, Rimco and Caterpillar will continue preparations to best serve the Cuban marketplace with construction and mining equipment, power systems, marine and industrial engines.
About Caterpillar
For 90 years, Caterpillar Inc. has been making sustainable progress possible and driving positive change on every continent. Customers turn to Caterpillar to help them develop infrastructure, energy and natural resource assets. With 2015 sales and revenues of $47.011 billion, Caterpillar is the world’s leading manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. The company principally operates through its three product segments - Construction Industries, Resource Industries and Energy & Transportation - and also provides financing and related services through its Financial Products segment. For more information, visit caterpillar.com. To connect with us on social media, visit caterpillar.com/social-media.
About Rimco
Rimco is the Caterpillar dealer for Puerto Rico, the U.S. Virgin Islands, the British Virgin Islands, Barbados and the Eastern Caribbean Islands. It is a privately-held Puerto Rico company founded by the McConnie family in 1981. The company has built a strong reputation in the industry with its superior sales, rental and product support capabilities. Rimco sells construction equipment, power systems and engines to its customers in the construction, quarry & aggregates, waste, industrial, commercial and marine segments. Rimco also has a complete fleet of equipment and power systems available for rental through its 5 Cat Rental Stores located in Puerto Rico and Barbados. Additional information about the Rimco organization, its products and services can be found at www.rimcocat.com.
