PEORIA - Caterpillar is launching a study to explore options for updating its world headquarters
The study will look at areas in downtown Peoria for a new innovative high technology building.
The current administrative building is now almost 50 years old and can no longer support the needs of the global enterprise.
Caterpillar says it's not looking to build the new headquarters outside of Peoria.
Director of Corporate Affairs, Jim Baumgartner says, "We're here in Peoria and we're here for the long-term. I think that's great news for our employees, for the community and for all the developing work that's going on in downtown Peoria. It just enhances this as a more attractive place to live."
Baumgartner says the study should be completed before the end of the year.
Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.