Peoria-based Caterpillar is raising its prices to cope with global lackluster economic growth. Zach's Equity Research reports most Caterpillar machines will cost 3% more, though some implements in some regions could see price hikes of 7% to cope with new pollution control requirements. All price increases will be effective with the new year. Caterpillar is also adjusting merchandising support prices as well. Caterpillar says it remains hopeful 2013 will perform about as well as this year and that the global situation will improve in 2014. Caterpillar says it expects record sales of up to $70 billion this year.
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