European construction market sales grow 62%

The construction machinery manufacturer Caterpillar has reported a 83% rise in profit for 2011 at $4.9bn.

In its 2011 results the firm reported its highest ever revenue of $60.1bn, an increase of 41% on 2011.

Doug Oberhelman, chief executive of Caterpillar, said: “The 2011 increase in sales and revenue was the largest percentage increase in any year since 1947, and much of it was driven by demand for Caterpillar products and services outside of the United States.”

Sales to the European construction industry increased 62% from $2.9bn to $4.7bn.

He added: “Our strategy is squarely focused on customers, and in 2011 our employees, suppliers and dealers delivered. We improved product quality, invested significantly in manufacturing capacity and product development, and improved our market position.”

The firm said it expected a stronger 2012 with revenue in excess of $68bn.