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Caterpillar Inc. (CAT) is looking to grow its business in emerging markets, which it believes will have fewer problems than developed nations, the company's chairman and chief executive said Tuesday.
"I think we're likely going to have recessionary conditions in the U.S., Europe and Japan next year," James Owens told CNBC, "but at least slowing but moderate growth across the emerging markets."
Owens said he is encouraged by China's recent stimulus package and expects other emerging markets to follow suit. The U.S. and other developed nations should take a similar course of action, he added, emphasizing a fiscal stimulus package that includes permanent tax cuts and infrastructure investment.
Despite the global economic slowdown, however, Owens said the company will enter 2009 with a strong backlog of orders for large equipment, particularly in mining, power generation-related industries and marine engines.
"So far, we've had very few cancellations or even delays in shipments" of mining equipment, he said, but cautioned that the company could see more requests for delays - possibly in the second half of 2009 - if commodity prices continue to drop.
Web site: www.cnbc.com
-Dow Jones Newswires; 201-938-5500
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(END) Dow Jones Newswires
11-18-08 1555ET
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