The rumours, it appears, were sparked by Cat chief executive Doug Oberhelman pressing Illinois Governor Pat Quinn last year to improve the state’s economy, noting the company had out-of-state suitors.

A quick fix would have been a move to nearby Milwaukee. Earlier this year Caterpillar chose a site in Georgia over several sites in Illinois, including Peoria and Gaelesburg, to relocate the operations of a Japanese tractor and excavator building plant.

When it made that move Cat cited, among other things, concerns about Illinois’ economy.

However, Oberhelman told the Economic Club of Chicago last Thursday: “We are staying in Peoria”