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Published: Fri, March 03, 2017
Economy | By Melissa Porter

Search warrant executed at Caterpillar offices

Search warrant executed at Caterpillar offices

The Dept. of Justice tells Fox News agents also showed up to Caterpillar's East Peoria and Morton locations. A spokesperson declined further comment.

While there is no official information about the objective of the search, local news station WEEK reported federal agents are looking at tax documents at the Caterpillar headquarters, citing sources inside the company.

Shares of Caterpillar, which makes industrial equipment used by the construction, mining and oil industries, fell 5.1 percent to $93.52 in midday trade. Caterpillar's corporate headquarters is located in Peoria, and several media reports on Thursday cited search activity at that site.

"Law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant", company spokeswoman Corrie Scott said in an email.

The lawsuit alleged that Cat shifted profits to offshore shell companies to avoid paying more than $2 billion in USA taxes.

The manufacturer said it got additional subpoenas relating to this investigation requesting more information on the purchase and resale of replacement parts by Caterpillar and non-U.

In 2014, the SEC subpoenaed Caterpillar seeking information about the company's accounting related to its acquisition of Bucyrus International in 2011.

President Trump hosted Caterpillar CEO Doug Oberhelman at the White House last week during a meeting with US corporate chiefs. The company said it was cooperating with the authorities.

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