U.S. authorities raid Caterpillar’s Illinois facilities


Agencies involved in the search included the IRS’ Criminal Investigation Division, the U.S. Department of Commerce’s Bureau of Industry and Security’s Office of Export Enforcement, and the Federal Deposit Insurance Corp.’s Office of Inspector General, Paul said.

Officials at the agencies could not be reached for comment.

Caterpillar shares fell 4.3 percent to close at $94.36 on the New York Stock Exchange after trading as low as $92.84.


The apparent escalation of the government’s tax dispute with Caterpillar comes as the Trump administration and leaders in Congress have said they want to launch a broad overhaul of the corporate tax code, lowering rates and designing the system to encourage companies to keep jobs and profits within the United States.

Caterpillar has also had a prominent place in the Trump administration’s effort to promote U.S. manufacturing. The company’s outgoing chief executive, Douglas Oberhelman, met with President Donald Trump at the White House last week.