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Caterpillar is moving its world headquarters to Texas

Caterpillar is moving the company's world headquarters to Texas this year.

Caterpillar CEO Jim Umpleby said he believes it's in the "best strategic interest" of the earthmoving giant to relocate the company's base to Irving, in the Dallas-Fort Worth metro area.

Caterpillar abandoned plans to construct a new world headquarters in Peoria in 2017 when the company instead relocated to suburban Deerfield. About 300 employees worked out of rented office space in the area.

At the time, Umpleby cited Deerfield's proximity to Chicago and O'Hare International Airport for the move from Peoria.

It's unclear what this move means for employees in the Peoria area, where the highest concentration of Caterpillar employees remain.

This story will be updated.

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Tim Shelley is the Assignment Editor and Digital Director at WCBU Peoria Public Radio.