Caterpillar CEO: No Plans to Leave Illinois

The CEO of Peoria-based Caterpillar Inc. now says a letter he wrote to Gov. Pat Quinn complaining about the state's business climate was never intended as a threat to move the Fortune 500 manufacturer out of Illinois.

Caterpillar CEO Doug Oberhelman said Wednesday in a speech to the U.S. Chamber of Commerce in Washington that news reports about the letter sensationalized his statements about the state's business climate.

According to a copy of the speech, Oberhelman said he'd like to invest further in Illinois. But he said Illinois lawmakers have created an unfriendly business environment.

Lee Enterprises' Springfield bureau reports Oberhlman says in the letter that the company had been courted by other states and while he'd like to stay he also had to "do what's right" for the company.