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Cat Financial Recipient of Prestigious Malcolm Baldrige National Quality Award
Company Expected to Receive Honor From President Bush in Early 2004
NASHVILLE, Tenn., Nov. 25 /PRNewswire-FirstCall/ -- The U.S. Department of
Commerce has selected Nashville-based Caterpillar Financial Services Corporation
(U.S.) as a recipient of the 2003 Malcolm Baldrige National Quality Award, the
nation's premier award for performance excellence and quality achievement.
Cat Financial was one of seven organizations to receive the prestigious award,
earning the honor in the service category. The award is given to U.S.
organizations with exemplary achievements in seven areas -- leadership,
strategic planning, customer and market focus, measurement, analysis and
knowledge management, human resource focus, process management, and business
results. President George W. Bush is expected to recognize award recipients at
an awards ceremony early next year in Washington, D.C.
"This is a tremendous honor, not only for our employees, but for the entire
Caterpillar family," Cat Financial President Jim Beard said after learning of
the company's achievement. "We've worked hard to create a company that offers
excellent financial services to our customers and dealers, and I believe this
award is recognition that our efforts are paying off with world- class results.
It's a great feeling to be listed among America's best."
Items highlighted in Cat Financial's award application included the company's
"Business Excellence Model," which integrates its Mission, Vision, Critical
Success Factors, and Shared Values, and provides the context for decision-making
and alignment of all organizational activities. The company's strategic
planning processes, which link every employee to accomplishing company goals
through a Performance and Development Process (PDP); and the implementation of 6
Sigma, a process improvement methodology which has already saved Cat Financial
millions of dollars; were also cited as examples of the company's commitment to
excellence.
Among other strengths cited in Cat Financial's application were:
-- Consistently high satisfaction ratings by customers, Caterpillar
dealers, and employees
-- The company's growing suite of cutting-edge online services, known as
"ExpressTrack(SM)," which allow dealers and customers to perform a
wide range of business functions easier, faster, and at a lower cost
-- Incentive Compensation and 6 Sigma Rewards programs that reward
employees for the company's success
-- Active community involvement through organizations such as United Way,
Red Cross, the Juvenile Diabetes Research Foundation, and Junior
Achievement
Cat Financial is a wholly owned subsidiary of Caterpillar Inc., a Fortune 100
company and the world's largest maker of construction and mining equipment,
diesel and natural gas engines and industrial gas turbines. Cat Financial
offers a wide range of financing alternatives, which support the entire Cat
product line, and also extends loans to customers and Caterpillar's network of
dealers. The company is headquartered in Nashville, Tennessee.
Named after the 26th secretary of Congress, the Malcolm Baldrige National
Quality Award was established by Congress in 1987 to enhance the competitiveness
of U.S. businesses. Since 1988, 58 organizations have received the honor. Cat
Financial is the second Caterpillar subsidiary to do so, with San Diego-based
Solar Turbines Inc., a leading provider of industrial gas turbines for use in
power generation, natural gas compression, and pumping systems, receiving the
honor in 1998.
Other past recipients of the award have included Federal Express, Eastman
Chemical Company, The Ritz Carlton Hotel Company, Texas Nameplate, Boeing
Airlift and Tanker Programs, Xerox Corporation, and Westinghouse Electric
Corporation.
DATASOURCE: Caterpillar Financial Services Corporation
CONTACT: Marcia Colburn, Corporate Communications Manager of Caterpillar
Financial Services Corporation, +1-615-341-5003, or fax, +1-615-341-5022,
Web site: http://www.catfinancial.com/