Trademark Trial and Appeal Board Electronic Filing System. https://estta.uspto.gov
`
`ESTTA Tracking number:
`
`ESTTA1235651
`
`Filing date:
`
`09/14/2022
`
`IN THE UNITED STATES PATENT AND TRADEMARK OFFICE
`BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD
`
`Proceeding no.
`
`91213597
`
`Party
`
`Correspondence
`address
`
`Submission
`
`Filer's name
`
`Filer's email
`
`Signature
`
`Date
`
`Plaintiff
`Caterpillar, Inc.
`
`NARESH KILARU
`FINNEGAN, HENDERSON, FARABOW, GARRETT & DUNNER LLP
`901 NEW YORK AVENUE NW
`WASHINGTON, DC 20001
`UNITED STATES
`Primary email: docketing@finnegan.com
`Secondary email(s): laura.johnson@finnegan.com, ttab-leg-
`al-assistants@finnegan.com, naresh.kilaru@finnegan.com
`202-408-4000
`
`Plaintiff's Notice of Reliance
`
`Naresh Kilaru
`
`docketing@finnegan.com, naresh.kilaru@finnegan.com,
`laura.johnson@finnegan.com, TTAB-Legal-Assistants@finnegan.com
`
`/Naresh Kilaru/
`
`09/14/2022
`
`Attachments
`
`2022.09.14 Caterpillar Rebuttal NOR 9 and exhs.pdf(5819991 bytes )
`
`

`

`IN THE UNITED STATES PATENT AND TRADEMARK OFFICE
`BEFORE THE TRADEMARK TRIAL AND APPEAL BOARD
`
`
`CATERPILLAR INC.,
`
`
`Opposer,
`
`
`
`v.
`
`
`TIGERCAT INTERNATIONAL INC.,
`
`
`Applicant.
`
`
`
`
`
`
`Opposition No. 91213597
`
`Application Serial No. 85/814,584
`Mark: TIGERCAT
`Application date: January 3, 2013
`
`OPPOSER’S REBUTTAL NOTICE OF RELIANCE NO. 9 UNDER 37 CFR § 2.122(e)
`
`Pursuant to Trademark Rule 2.122(e) and TBMP § 704.08, Opposer Caterpillar Inc.
`
`
`
`
`
`
`
`submits of record in connection with this opposition proceeding a representative sample of
`
`unsolicited articles from printed publications available to the general public in libraries, on the
`
`NEXIS database, and/or in publications of general circulation. See In re Cell Therapeutics, Inc.,
`
`67 USPQ2d 1795, 1798 (TTAB 2003).
`
`
`
`This evidence is relevant to the continuing strength and fame of the CAT mark and shows
`
`the nature and extent of the public exposure that Opposer’s CAT brand has received over many
`
`years. The evidence rebuts Tigercat’s attempt to show that the CAT mark is not strong and/or
`
`famous.
`
`Exhibit No. Publication
`
`Date
`
`PUBLICATION TITLE
`
`Exhibit 1
`
`CNBC
`
`2019.10.23 CATERPILLAR’S AUTONOMOUS
`VEHICLES MAY BE USED BY NASA TO
`MINE THE MOON AND BUILD A LUNAR
`BASE
`
`Exhibit 2
`
`Equipment World 2018.10.26 WHY CAT CHANGED ITS MACHINE
`BRANDING - AND THE STORY BEHIND
`THAT RED HEXAGON
`
`

`

`Exhibit 3
`
`Forbes
`
`2019.10.07 CATERPILLAR OR DEERE: WHICH
`HEAVY-EQUIPMENT MANUFACTURER IS
`A BETTER BET?
`
`Exhibit 4
`
`PV Magazine
`
`2018.11.12 CATERPILLAR, SUNPOWER TEAM UP ON
`CAT-BRANDED SOLAR
`
`Exhibit 5
`
`Tuscon.com
`
`2019.10.04 CATERPILLAR SHOWS OFF ITS
`CAPABILITIES FOR VP MIKE PENCE IN
`GREEN VALLEY
`
`Exhibit 6
`
`Sports Pro Media
`
`2022.05.27 MLS NAMES CATERPILLAR AS MAJOR
`SPONSOR
`
`Exhibit 7
`
`NHL.com
`
`2022.06.16 NHL, CATERPILLAR AGREE TO
`MULTIYEAR PARTNERSHIP BEGINNING
`NEXT SEASON
`
`Exhibit 8
`
`Equipment
`Journal
`
`2022.05.27 CATERPILLAR LOOKS TO ENGAGE
`SOCCER FANS THROUGH NEW MLS
`PARTNERSHIP
`
`Exhibit 9
`
`HotCars
`
`2020.09.11 THE TECHNOLOGY BEHIND CAT HEAVY
`EQUIPMENT
`
`
`
`Dated: September 14, 2022
`
`
`
`
`
`Respectfully submitted,
`
`
`
`
`
`
`
`/Naresh Kilaru/
`Naresh Kilaru
`Laura K. Johnson
`FINNEGAN, HENDERSON, FARABOW,
` GARRETT & DUNNER, L.L.P.
`901 New York Avenue N.W.
`Washington, DC 20001
`Telephone: (202) 408.4000
`
`Attorneys for Opposer Caterpillar Inc.
`
`
`
`
`
`
`2
`
`

`

`
`CERTIFICATE OF SERVICE
`
`
`
`I hereby certify that a true and accurate copy of the foregoing OPPOSER’S REBUTTAL
`
`NOTICE OF RELIANCE NO. 9 UNDER 37 CFR § 2.122(e) was served via electronic mail, on
`
`September 14, 2022 upon counsel for Applicant:
`
`
`
`
`
`Tamar Y. Duvdevani
`DLA PIPER LLP US
`1251 Avenue of the Americas
`New York, NY 10020
`
`Gina.Durham@dlapiper.com
`tamar.duvdevani@dlapiper.com
`marc.miller@dlapiper.com
`megan.michaels@dlapiper.com
`docketingnewyork@dlapiper.com
`
`
`
`/Judy Valusek/
`Trademark Legal Assistant
`
`3
`
`

`

`EXHIBIT 1
`EXHIBIT 1
`
`

`

`beeenMCSaeaARaaleealBusel ietmslag
`
`2CcCNBC
`eid
`Ceie
`
`
`
`
`EVOLVE GLOBAL SUMMIT 2022 | EVOLVE EVENTS:
`
`a EVOLVE
`
`EvoLWe
`
`Caterpillar’s autonomous vehicles
`may be used by NASAto mine the
`moonand build a lunar base
`w
`GUEWED,
`OCT 2¥ 20TWe
`27 AM COT)
`UPD 2 WED, OFT 52 ead PM eOT
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`KEY
`POINTS
`
`* Caterpillars sutonomeus and remote-controlled mining equipment could Very well
`find itself on the moon when NASA is scheduled to return to the lunor surface in
`2024.
`
`Opersteriess drilling and digging machines will mine water oxyger-tich rocks and
`moon dust fer use in 3-0 priming of various marerials
`
`This iz part of CEO Jim Umpleby's goal to grow Caterpiliar’s digital and autonomy
`businesses as a way to develop new profit streams for the company
`
`* On Wednesday, Caterpillar reported earnings that badly missed forecasts and
`lowered full-year eamings guidance.
`
`
`
`te oe
`ie
`pea
`bra etl” ee
`AMASA réengéning of building @ permanent bese on The moon. tiling wilfonombud vehiches like Ihole developed by Caterpdmar
`
`Coincidentally, one of Car's latest breakthroughsis self: driving, or
`stitonomous, and remote-controlled mining equipment, which could verywell
`find itself on the moon when NASA is scheduled to returnto the lunarsurface
`in 2024, with plans to build a permanentbase nearthe orb’s south pole, part of
`the Artemis program.
`
`
`Just as. onterrestrial sites, Carerpiliar fully or semi-autonomous bulldozers,
`graders, loaders and dump trucks could be utilized to build roads, housing and
`other infrastructure, Operator-less drilling and digging machines might mine
`water, oxygen-richrocks and moondust for use in 3-1 printing of various
`materials,
`
`CNBC Evolve will retum, this time to Los Angeles, on Now. 19. Visit
`
`ens.cOm/eyolve to register.
`
`Caterpillar has been synonymous with big, heavy equipment — for farming,
`The new U.S. plan bo rival
`construction and mining—since Holt Manufacturing and C, L, Best Tractor
`China and end cornering
`of market In rare earth
`merged in 1925 to formthe Peoria, Minois-based company, Over the years,
`metals
`tons of innovation have beenbuilt into the iconic yellowproducts, too, from
`the Model 20 Track-Type Tractor introduced in 1927 to the ginormous
`engines that helped power the Apollo 11 mission to the moon 50 years ago.
`
`
`
`
`
`‘Climate change could
`bring back wind as the
`future power counce for
`ocean carge ships
`
`Bank CEO on why we can
`
`and should track gun
`purchases on credit
`cards
`
`Why Marriott, Hilton and
`Hyatt say hotel prices are
`only going up
`
`In Microsoft's Activision
`deal,it's not juet stock
`prices but a future world
`al stake
`
`

`

`
`
`“We've had a longstanding relationship with NASA,” said Denise johnson,
`group president ofCaterpillar’s resource industries unit, which produces and
`markets mining and large construction products and accounted for $10 billion
`ofCat's total $54.7 billion in sales and revenues in 2018,
`
`Developing autononious equipmentis part of Caterpillar CEO Jim Umpleby’s
`goal to continuously improve upon Caterpillar’s legacyofinnovation, as well as
`to generate new revenues in the face ofcompention and, more recently, the
`impact oftariffs in the ongoing U.8.-China rade war. Currently the company
`derives 5%-10% ofits sales from China. On Wednesday, Caterpilianmeporied
`ite third-quarter revenues and eamings, which missed estimates.
`
`Most recently, NASA and Cat collaborated on a research project from2004 ta
`20138. “The parmership focused on two technology areas: construction and
`robotic operations,” said the space agency's spokesperson Clare Skelly in an
`email. “There are many synergies berween what NASA needs to meet
`exploration goals and Caterpillar technologies used every day on Earth.”
`
`A long-term vision of the future
`Caterpillar’s initial R&D efforts to produce a fleet ofautonomous equipment
`forthe Earth-based mining industry date back to 1985, “By the early 1990s,
`we had two autonomous [hauling] trucks running at a quarryin Texas,” said
`Michael Murphy, chiefengineer in the company’s surface miningand
`technologyorganization, His team has worked on GPS, radar, LIDAR; onboard
`diagnostics, artificial intelligence and other software and hardware
`technologies necessaryfor operating autonomous and remote-contralled
`vehictes, offered today under Car's Command and MineStar brands.
`
`While Murphy's team toiled awayduring the 1990s and early 2000s —
`sometimes in partnership with outside tech companies, university engineers,
`DARPA and even Cat's mining customers — “the industry wasn't readyfor
`autonomyat that time,” he said. “They didn't see the value proposition.”
`
`
`«¢ There are many synergies between
`what NASAneeds to meet
`exploration goals and Caterpillar
`technologies used every day on
`Earth.
`= ClireSkeliy ana ceGKPkPERR
`
`Even so,that did't deter Caterpillar’s top brass from stickingto their long-
`terntautonemystrategy, which along with the vehicles included developing
`technology to operate them within an entire mining operation, with the goal of
`increasing productivity,efficiency, cost controls and worker safery,
`
`“Tr's great ifyou can provide a piece ofequipment, but how it works ina system
`— because amineis a system ofequipment that works together, almost like a
`factory — becomes really important,” Johnson explained. “Autonomy knits it
`all togetherto make those operations more efficient. It's a great example of'a
`shift in our business model.”
`
`Caterpillar’s strategy is starting to payoff— and maygive the company a jump
`on competitors such as Komatsu, Hitachi, Sandvik and Volvo, equipment
`makers also selling alitonomious equipment. “We have more autonomoussites
`than anyother provider,” Johnson said,
`
`Autonomyis becoming a key componentin the current evolution within the
`$683 billion global industry, comprising the top 40 mining companies. A
`report from Zion Market Research estimates thatthe global mining automation
`marketwill nearly double, to $6.18 billion in 2025 from $3.65 billion last
`year,
`
`“Three or four years ago not many mining companies were thinking about
`digital and innovation,” said Andrew Swart, global leader ofDeloitte's mining
`and metals practice, “Todaythere’s a rapid adoption oftechnology — replacing
`people with autonomous vehicles, automating miming processes and more
`digitization in back-office operations.It’s an industry in pretty rapid
`transformation, with some companies challenging existing business models.”
`
`
`
`

`

`Dozensof Cobeptar's autonomous hauling tucks like this one are being used by Rig Tinto anita Piibere iron-ore mine in Auntnatia,
`
`Caterpillar is leading the autonomyrevolution with both its vehicles and
`operational software. "We now have seven customers and we're on 11
`differentsites,” Johnson said, “mining oil sands, iron ore, copper and gold and
`soon coal.” Cat has deployed 220 of its own trucks, both brand-new
`autonomous vehicles — costing from $3.5 million to $5 million each —and
`existing ones that have been retrofitted.
`
`“We're also converting competitors’ trucks,” Jonsonsaid, “Our solution
`needs to be interoperable. It’s acompetitive decision we don't take lightly,
`because we recognize there are other [autonomy] providers.”
`
`Caterpillar autonomycustomers are reporting at least a 30% improvementin
`productivity when compared to manned operations, Murphysaid. One
`customer, he added, has announced an $0% improvementin safety incidents
`since introducing autonomous hauling,
`
`Testing site for mining autonomy
`Most of the autonomyactivityis occurring at mine sites outside the U.5.,
`although Newmont Goldcorp, headquartered near Denver, has tested two
`semiautonomous Caterpillar underground loaders at its Leeville gold mines in
`northern Nevada. The pilot program hassince increased to six fully
`autonomous loaders, according to Northem Nevada Business View.
`
`London-based mining giant RioTinto beganoperating autonomous equipment
`at aniron-ore mine in western Australia’s Pilbara region a decade ago. “We
`have grown our autonomous feet to more than 130 trucks, both from
`Caterpillar and Komatsu, and 26 drills,” said Stephen Melntosh, group
`executive, growth and innovation, at Rio Tinto,
`
`To transport tons of material from the site to port facilities in the region, Rio
`Tinto has developed AutoHaul,a fully autonomous heavy-haultrain. “Each
`autonomous train comprises twoor three locomotives and some 2.40 ore cars,
`making them each 2.4 km [1.49 miles] long,” McIntosh said. “In essence,
`these are the world’slargest and longest robots.”
`
` The warkd's longet! isbet, Autahaul, Rin Tirta’: auslorormats heeyhaut baie
`
`Rio Tintohas incorporated nearly complete autonomyinto its new Koodaidert
`iron ore mine in Pilbara, including autonomoustrucks, drills and trains,
`McIntoshsaid. While there are limited personnel at both the Pilbara sites, the
`mining operations, as well as AutoHaul, are monitored fromRio Tinto’s control
`center hundreds ofmiles awayin Perth.
`
`ThePilbara mines are located in an isolated, hazardous area, presenting a
`workforce challenge, which dovetails perfectly with Caterpillar’s autonomy
`strategy. “Customers are finding it diffictilt to operate in those remote
`locations, getting personnelin and outin a consistent way, which drives the
`value proposition” of autonomy, johnsonsaid. “The applicationof the
`technology becomes a necessity to make it work from a value-add
`perspective.”
`
`NASA's lunar ambitions
`
`‘That samestrategy could applyta NASA's Artemis program on the moon, not
`To mention Mars and asteroids, which are being studied as potential sites for
`30-called space mining, Yet the notion ofextracting platinum, gold and other
`valuable minerals fromheavenly bodies and propelling them back te Earth is
`more fiction than science. “The economic analysis doesn't make sense,” said
`Angel Abbud-Madrid, director ofthe Center for Space Resources at the
`Colorado Schoolof Mines in Golden, when you consider the costs to identify.
`extract, process,refine and transport them. Combined, they're virtually ourot
`this world,
`
`TE“SE
`
`

`

` A rendering of an suteneeous deifiet being used to mine water under the lunar suriace
`
`More realistic, Abbud-Madridsaid, is the idea of using a variety of resources to
`sustain extraterrestrial bases for long periods oftime. NASA has been
`exploring the concept, knownas in-situ resourceutilization (SRL), forits
`outer-space missions — which brings us back to Caterpillar, “ISRU would
`require infrastructure and a suite ofsupporting capabilities that can operate
`witha certain degree ofautonomy,”said Skelly, thoughdeclining to name Cat
`asa potential partner.
`
`The difficult logistics and the multi-billions it would cost to rocket mining and
`construction equipment into space still need to be worked out, but in the
`meantime, Caterpillar continues to prepare for otherworldly opportunities,
`‘One example is the company’s primary sponsorship of NASA's annual Robotic
`Mining Competition, a university-level event held at the KennedySpace
`Center in Florida. More than 45 collegiate teams design and build remote-
`controlled mining robots to traverse a simulated Martianterrain.
`
`Whether or not Cat's autonomous equipmentwill somedaybe operating on
`Mars.and the moon remamsto beseen. “Ldon't knowif we've thoughtthat far
`ahead,” Johnsonsaid. More immediate is continuing to develop irs autonomy
`Strategyin an increasing competitive marketplace. “We always want to
`challenge ourselves to think outside the box,” she concluded.
`
`
`
`MOREIN EVOLVE
`
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`
`FachVallewe
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`bring back wind as
`the future power...
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`family,’ launch new creator
`economyventure
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`READ MORE ~~
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`Ceara
`
`2ACNBC
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`Peaeels
`aires
`Dd
`
`Neelam|e
`
`pa
`
`fi
`
`CNBC Councils
`Tel
`Pas
`Sore eerie]
`
`ra)
`Reid
`C
`
`mild
`.
`
`eeame
`
`ff Vin Oge i
`
`bee em Case
`Ha
`ea
`
`Sihcilctmatie
`
`|
`
`

`

`Thesly
`
`et
`
`

`

`EXHIBIT (cid:21)
`EXHIBIT2
`
`

`

`
`EQUIPMENT
`WORL
`Equipment
`etterRoads
`Bigiron Dealer
`Business
`Technology Workforce
`&
`
`EQUIPMENT
`
`Why Cat changedits machine
`branding—andthestory behind that
`red hexagon
`Wayne Grayson
`
`Oct 26, 2018 | Updated Noy 30, 2018
`
`A growing productline and competitor imitation were two majorfactors in the
`recently unveiled redesign of the Caterpillar trade dress, the combination of
`logo and styling that the company uses to brand its machines and other
`products, This is according to Ed Stembridge, product identity manager at Cat
`and the leader of the design team behind the new product styling.
`
`Stembridge discussed the new productstyling and the processofits
`development during an interview with Equipment Worldin the days following
`its reveal,
`
`Asa 17-year veteran of the company well-versed in its bothits history and the
`sbtides it has taken into the digital age, Stembridge 15 uniquely suited to lead
`something as critical as dreaming up a new look for the company’s heavy
`equipment and variety of other products. He also led the team behind the last
`trade dress redesign, developed between 2005 and 2006.
`
`That trade dress design, called "Power Edge”inside Cat, placed the familiar
`“CAT” logo ona black background with a diagonal red bar. Stembndge says that
`“Power Edge”is a lasting design that has given Cat machines a “strong visual
`identity.” However, a lot has changed for Cat in the 12 yearssince that trade
`
`dress design rolled out.
`
`“For one thing we've seen just a tremendous increase in the amount of
`technology that's ina Cat product,” Stembridge says, “That's driven some
`challenges to how we apply the brand to a product. Ina lot of cases we have
`grilles and other features that may not have been there 10 years ago that makeit
`harder to brand the machine and integrate that branding into the machine's
`design.”
`
`
`
`

`

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`Anotherdifference in the company driving the need fora change, Stembridge
`says,is the size of Cat’s product offering. He says the companylikely has 30-40
`percent more distinct products now than it did when “Power Edge” was
`released.
`
`But there were also external factors in the redesign, Stembridge says. "We have
`seen a proliferation of competitors starting to use an imitation of the Power
`Edge design on their machines,” he says. "The more that happens the moreit
`weakens the association of that trade dress to our brand.”
`
`Stembridge did not say what specific competitors were guilty of such
`“imitation,” but if you Google around you can find some pretty obvious
`examples of what he means.
`
`These concerns culminated about 18 monthsago in the first discussions inside
`Cat focusing on when a goodtime to roll out a new trade dress design might be.
`The development of that design began in January of this year, Stembridge says,
`and took aboutsix months.
`
`There were three main goals Stembridge and the “several dozen” Caterpillar
`employees that took part in development had for the new design. First, Cat
`wanted itto communicate “the level of technology and capability" found in its
`new products. Second, it needed to be more modular and adaptive to machines
`of all different designs and sizes, fram mining shovels down to home and
`outdoor generator sets. Third, it needed to evoke the sense of a premium brand.
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`To kick off the design process, Stembndge and his team looked to the past for
`inspiration. "We wanted to steep ourselves in the history of the brand,” he says.
`
`The team also reached out to each product group within Cat to learn what ways
`the “Power Edge” design could be improved upon.
`
`"As we started coming up with concepts, | asked the team to explore a very wide
`range of ideas from graphic treatments and how we apply them, We went very
`wide with those concepts and we would meet and have a critique and throw out
`the ones that didn't work,” Stembridge explains.
`
`More than 500 different conceptual designs were generated during the design
`process, Stembridge says. These were inspired by a central ideation board that
`featured images of premium brand products, Stembridge says. “Apple
`computers, Stihl chainsaws, Mercedes automobiles. We looked at how those
`products are visually represented,” he says. “We basically took the aspects of
`what weliked about certain brands and treatments they used and we explored
`that heavily during our own development.”
`
`Slowly, those hundreds of concepts were whittled downto a favorite seven
`designs among the team. Those seven were then reduced toa final three, from
`which the winning design was chosen.
`
`
`
`The result is what Cat calls “Modern Hex,” and by the end of 2020,it will roll out
`across Cat's wide range of products.
`
`

`

`Whereas “Power Edge” wasdistinctive forits simple, high-contrast, flat design,
`“Modern Hex”is full of character and depth.
`
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`The resulting design still prominently features the iconic "CAT" logo, but places
`it above and diagonal to a 3D, red hexagon surrounding a grille pattern. The Cat
`logo itself has also received some updating.For this trade dress design Cat has
`dressed the logo in drop shadowsand a silvery shade that give it athree-
`dimensional, steel-like quality.
`
`Stembridge says this treatmentof the Cat trademark was based in the team’s
`foalfor a more premium brand look and feel. He adds that as Cat has showed
`the new design to people, the 3D effect of the graphics have led them to
`actually approach and feel the new decals, wondering whether they were
`physically embeddedinto the side of the machine,
`
`The steel treatment has also been given to the machine model number, which
`now sits separate fram the “CAT” logo, and even has its own smaller
`hexagon/grille. This separation is part of Modern Hex's modularity, allowing
`more flexibility for where the model numberis placed on the machine. "We
`always want the Cat logo to be the hero image on a machine,” Stembridge says.
`“But we also want the model number to be the sidekick, if you will.”
`
`And though the new designis primarily focused on bringing the company's
`products into the future, the company says it chose to make the hexagon red as.
`a nod its past. The red is the same shade as the wavy “CATERPILLAR” logo found
`onthe company’s first crawler tractors, which were painted gray when they were
`introducedin 1925.
`
`Though the Cat logo remains the star element of the new design, this new red
`hexagon is a very close second. But how and whydid the hexagon become such
`a prominent figure in Cat's new trade dress?
`
`Stembridge says the hexagon has been used in Cat designs since 2006, when
`the company began using the shapeinits radiator grille design on heavy
`equipment. Over the last decade, the hexagon has slowly built upits influence
`within the company’s design language, spreading to use as a texture for floor
`mats and eventually finding its way into the company’s marketing materials.
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`Up until now thoughit’s always been used as a texture or a background
`clement.
`
`But the hexagon has become such a common design theme that when tasked to
`generate concepts for the new trade dress, Cat designers reached, perhaps
`instinctively, to the shape as a possible complementary element to the Cat logo.
`
`Stembridgeliked the idea of the hexagon taking ona more prominent role. “So
`we said, ‘Let’s own that shape,”he recalls,
`
`Of course, Stembridge is aware that the design won't please everyone and says
`that there are probably a lot of folks out there scratching their heads over
`“Modern Hex”. However, he isn't taking any negativefirst reactions to the
`design that come his way as a final verdict.
`
`“A new design is always polarizing to folks, We went through that when we
`Introduced “Power Edge,
`he says. “Once folks see it out there in the field
`working, we think thatit’s really going to be well received.”
`
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`EXHIBIT (cid:22)
`EXHIBIT 3
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`Fobscribe
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`Caterpillar or Deere: Which
`Heavy-Equipment
`ManufacturerIs A Better Bet?
`Tratis Taam
`ert
`
`(@) this articte ts more than 2 yoars old.
`
`Caterpillar and Deere are two of the
`largest heavy-equipment
`manufacturers in the world, Although
`the two companies make heavy
`
`
`Great Speculations
`equipment, their primary product offering is quite different. Caterpillar is
` iditionally, you can find more Trefis Textiles, Apparel ard Luxury Revent
`
`essentiallya construction equipment
`that dabbles ix
`
`compa.
`equipment while Deere is a farm
`
`nd construction equipment.
`equipment companythat also mak
`Despite their different focus, the revenue sources for both companies are
`nearlyidentical.
`
` 1g met
`compares key oper
`
`for Deere vs Caterpillar in an
` e dashboard, and concludes that Caterpillar's business is larger
`and more profitable—with the company faring better on most counts.
`
`The dashbourd captures historic:
`performance trends for Caterpillar
`r recent years along with ourforecast fi iF 2019.
`
`and Deere
`AL
`Good Industry Data here.
` «By ~50%, But
` erpillar’s Revenues Exceed Deere
`Deere Has GrownAt A Faster Pace Over Recent Years
`
`
`a Deere. Caterpillar’s total
`« Caterpillaris notablybigger
`
`reventies in 2038 stool al $55 billion — alma:
`nore thar
`Deer $a7 billion,
`« However, Caterpillar has added roughly $7.7 billion tototal
`revenuesince 2015 at an average annual rate of 5.2%. On the
`other hand, Deore has been able to. add roughly$8.5 billion to
`total revenues, growing at an ave ge annual rate of 975,
`« Strong commodity market fundamentals, robust demand from
`
`the Asia-Pacific
`region, higher demand levels for non-residential
`constructionactivities and increased demand for heavy
`construction, quarry and aggregate equipment have helped
`
`
`Caterpillar achieve
`strong revenue growth while h
`igher shipment
`
`volumes and better price realization a
`
`egments have contibuted to Deere’s growth
`
`a
`
`

`

`LaPena Gall
`
`eee (eee
`
`+ Both companies have been able to achieve robust growth since posting a decline in revenues for 2016, Since 2016, Caterpillar has
`
`
`Score 5% Back In Your Top Spending Category With
`NewCiti Custom Cash Card
`Dy Robin Sake Frankel
`
`What Is-A Margin Call?
`War Tretina
`
`Deere’s average revenue growth of 2.5% since 2015 is
`marginally better than Caterpillar’s figure of 1.;
`
`added $16.1 billion — almost 50%more than Deere’s revenue
`add in of $10.7 billion,
`
`« Upbeat metal and energy prices coupled with strong demandfor
`power generating products has led to a higher demand for
`Caterpillar’s products,
`
`+ On the other hand, Deere’s Construction segment (which swelled
`with the acquisition of Wirtgenin 2017) has beenthe largest
`eontributarto ils revenues, Moreover, supportive comprices have
`boosted the demand for company’s agricultural equipment.
`
`Caterpillar’s Operating Margin Has ShownConsiderable
`Improvement Over The Last Couple Of Years
`
`opposed to Deere’s 12%
`
`« Deere had reported an overall higher operating margin than
`Caterpillar. However, strong revenue growth coupled with
`expansion in the gross margin have helped Caterpillar's margin
`swell over the last couple ofyears.
`
`* As of 2015, Caterpillar’s operating margin stoorl at 14.9%a5
`
`READ MORE
`
`
`
`China's Covid Catastrophe: Contextual Evidence
`
`(Part 1: Demography, Economics)
`
`Comparing the two largest revenue driver: CATs Construction
`Industries and Deere’s Agriculture and Turf Equipment
`
`= Decre’s Agriculture Segment consistently contributes a majority
`aa ofits revenues, with an average revenue share of more than 65%
`in the last 3 years. The segment has added $3.4 billion to total
`revenuesince 2016 at an average annual rate of 5.4%.
`
`ie
`
`
`revenue composition in more
`+ On the other hand, Caterpillar's
`balanced with Construction segment accounting for 40% oftotal
`revenue and the Energy segment contributing 35%,
`
`pace than Deere's — adding more than $5billion to total revenue
`
`« Moreover, since 2015, CAT’s largest division has grownat a faster
`
`at an average annual rate of
`
`= However, Caterpillar’s Construction and Deere’s Agriculture
`segments have similar profitability-with both operating at
`EBITDA margins of roughly17%
`
`Howdoes Caterpillar fare against Deerein terms of key
`metrics like Return on Assets (RoA), Asset Turnover Ratio,
`Inventory Turnover Ratio and P/E Ratio? Trefis details trends in
`these metrics
`
` in the interactive dashboard.
`
`Conclusion: Caterpillar Is Larger And More Profitable
`
`

`

`« Caterpillar
`Be
`hee
`
`much higher profitability than Deere.
`vetber uti
`reso
`
`pts and asset tumoy
`
`
`
`
`Hence,
`il
`is no surprise that the m
`t values Catery
`eptember 2019, Caterpillar's market valu
`than De
`5
`
`
`
`
`$7obillion — almost 40% more
`thanthatof
`
`*
`
`*
`
`
`
`:
`
`90billion,
`
`air value
`
` billion,
`
`company
`« Both the
`4:
`
`ent Given the
`
`
`metr , We expect both Cat
`
`awth in the coming years.
`
`? See HowIt's Po
`
`
`For CFOs and Finance Teams| Product, R&D, and Marketing
`Teams
`
`
`
`
`
`MoreTrefis Data
`
`
`
` Likeot re example interactive dashboards and create
`own
`
`
`
`
`
`Trefis Team
`
`Lattorn dashboards.tretla.com)
`
`
`helgd
`
`you
`
`understand how
`
`a, Read More
`
`eeeeTMteRedd
`
`a
`
`co
`
`
`
`

`

`EXHIBIT (cid:23)
`EXHIBIT 4
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`

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