The story of Caterpillar dates back to the late 19th century, when California entrepreneurs Daniel Best and Benjamin Holt each were experimenting with ways to fulfill the promise steam tractors held for farming.

The Best and Holt families independently had pioneered track-type tractors powered by steam engines and later gasoline engines. During World War I, Holt "Caterpillar" track-type tractors were used by the Allies.

In 1925, the Holt Caterpillar Co. and C.L. Best Tractor Co. merged, and incorporated as Caterpillar Tractor Co. The first Diesel Sixty Tractor rolled off the new assembly line in East Peoria, Ill., in 1931.

By 1940, the Caterpillar product line included motor graders, blade graders, elevating graders, terracers and electrical generating sets.

In 1942, Caterpillar returned to war as track-type tractors, motor graders, generators sets and a special engine for the M4 tank were used by the United States to combat the Axis nations.

The company began international expansion with the establishment of Caterpillar Tractor Co. Ltd. in Great Britain in 1950.

In 1953, the company created a separate sales and marketing division specifically for engine customers. The Engine Division has become a major player in the diesel engine market and now accounts for one quarter of the company's total sales.

Caterpillar and Mitsubishi Heavy Industries Ltd. formed one of the first joint ventures in Japan to include partial U.S. ownership in 1963. Caterpillar Mitsubishi Ltd. started production in 1965, has been renamed Shin Caterpillar Mitsubishi Ltd., and is now the second largest maker of construction and mining equipment in Japan.

Caterpillar Financial Services was formed in 1981 to offer equipment financing options to its customers worldwide.

Cat continued to expand in 1997 by acquiring the U.K.-based Perkins Engines. With the addition of Germany's MaK Motoren the previous year, Caterpillar became the world leading manufacturer of diesel engines.

In 1999, the company unveiled a new line of compact construction equipment at CONEXPO-CON/AGG '99 in response to customer needs for smaller, more versatile construction equipment.

Headquartered in Peoria, Ill., Caterpillar is the world's largest manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines. Caterpillar's product line has grown to include more than 300 products.

"The foundation blocks of this company's success have been in place for decades," said Glen A. Barton, Caterpillar's chairman and CEO. "Today, Caterpillar is a strong, diversified and resilient company that will continue to prosper as we grow to become a $30-plus billion company this decade."

Employees in Caterpillar divisions around the world, and those in Caterpillar's worldwide independent dealer network, will commemorate the company's 75 years of achievements with individual celebrations in their communities throughout the year.