Heavy machinery company

Caterpillar

(CAT) - Get Report

said Monday that it realigned its manufacturing divisions.

Jerry Palmer will retire at year-end, after a 43-year career at the Peoria, Ill.-based company. He was vice president of wheel loaders and excavators.

The company said it would align core manufacturing operations and focus its product design expertise on key industry segments. Three new divisions will be created: the U.S. operations division; the heavy construction and mining division and the infrastructure development division. These divisions would be the result of restructuring the current wheel loaders and excavators division, track-type tractors division, and the mining and construction equipment division.

Bob Williams, vice president of track-type tractors division, will lead the company's U.S. operations division and Rod Bussell, currently vice president of mining and construction equipment division, will lead the heavy construction and mining division, the company added.

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