Donation to help close skills gap, address
workforce shortage within equipment distribution industry
IRVING,
Texas, June 11, 2024 /PRNewswire/ -- Caterpillar
Inc. (NYSE: CAT) today announced a $500,000 donation to the Associated Equipment
Distributors Foundation (AEDF) in support of AEDF's Vision 2025
Campaign. The campaign is designed to address the technician
shortage within the equipment distribution industry. It is also
focused on strengthening the industry's future by improving
programs offered to students across U.S. high schools and technical
schools considered underserved in the technical skills space.
AEDF's recent skills assessment of the gap in the North American
market for technician labor shows an anticipated 73,500 heavy
equipment technician positions will be needed over the next five
years.
"Caterpillar understands the importance of closing the skills
gap in today's labor market and is focused on helping build
solutions," said Asha Varghese,
Caterpillar Inc. Corporate Social Responsibility leader. "We
believe in supporting AEDF in its Vision 2025 Campaign to make a
difference in addressing the critical skills gap and supporting
solutions for greater workforce readiness."
Vision 2025 is designed to bring skills-based programs back to
high schools to help enable career success for all learning and
career pathways. Through AEDF's Vision 2025 Campaign, the AED
Foundation has positively impacted thousands of students across the
U.S and Canada. The initiative is
focused on recognizing at least 200 high school programs as AED
Foundation Recognized High Schools, as well as accrediting a
minimum of 120 college programs by 2027 to help allow for
meaningful job placements for their students. By hitting these
benchmarks, the Vision 2025 Campaign is expected to create a strong
pipeline of talent that could generate an additional:
- 10,000 skilled technicians entering the workforce.
- 5,000 AEDF certified technicians.
- 500 AEDF certified managers.
"The AED Foundation is grateful for Caterpillar's
leadership and investment in our Vision 2025 campaign," said AED
Foundation President Emeritus Bob
Henderson. "Caterpillar's support, in conjunction with
nearly 75 other investors, brings our Vision 2025 campaign to over
$7 million. These investments provide
the Foundation the sustainability needed to continue to be the
heavy equipment industry's leader in workforce development."
About Caterpillar
With 2023 sales and revenues of
$67.1 billion, Caterpillar Inc. is
the world's leading manufacturer of construction and mining
equipment, off-highway diesel and natural gas engines, industrial
gas turbines and diesel-electric locomotives. For nearly 100 years,
we've been helping customers build a better, more sustainable world
and are committed and contributing to a reduced-carbon future. Our
innovative products and services, backed by our global dealer
network, provide exceptional value that helps customers succeed.
Caterpillar does business on every continent, principally operating
through three primary segments – Construction Industries, Resource
Industries and Energy & Transportation – and providing
financing and related services through our Financial Products
segment. Visit us at caterpillar.com or join the
conversation on our social media channels
at caterpillar.com/en/news/social-media.html.
About Associated Equipment Distributors (AED)
Established in 1919, Associated Equipment Distributors (AED) is a
not-for-profit international trade association based in
Schaumburg, IL representing
companies involved in the sale, rental, manufacturing and support
of equipment used in construction, mining, forestry, power
generation, agriculture and industrial applications. AED enhances
the ongoing success and profitability of its member companies
through services and information including public policy advocacy,
industry education & career development, industry research and
analysis, and conferences.
About AEDF
Established in 1991 and directed by AED
members, The AED Foundation (AEDF) addresses professional education
and workforce development in the industry. This includes AEDF
Accreditation of diesel-equipment technology college programs and
AEDF Recognition of secondary diesel programs.
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SOURCE Caterpillar Inc.