Cat Financial Recipient of Prestigious Malcolm Baldrige National Quality Award
November 25 2003 - 3:00PM
PR Newswire (US)
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/
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