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. Last Updated: 07/27/2016

Caterpillar Plant

ST. PETERSBURG -- Caterpillar Inc., the American construction equipment maker, will spend $50 million to build a plant near St. Petersburg.

A groundbreaking ceremony will be held Aug. 5 for the factory, which will produce road construction and excavation equipment, the Leningrad region said in a statement Tuesday.

The plant will be capable of producing 1,500 road construction units and 14,000 component pieces annually.

Caterpillar will be exempt from local taxes until the factory earns back its investments, expected to happen in 2005, and for two years afterward.