Caterpillar Inc. (CAT) shares fell 6.68% to $784.65 after a sharp intraday decline, even as the company announced a new workforce development commitment of up to $10 million in Illinois. The program is aimed at manufacturing and technician roles, but the announcement did not support the stock.

Caterpillar introduced the Illinois initiative under its five-year, $100 million Building the Future Workforce Initiative. The company said the funding will support training programs, career access, and modern industrial skills. The allocation is the fourth commitment under the broader initiative and extends Caterpillar’s workforce strategy into another major operating region.

Caterpillar employs more than 17,000 people across Illinois and operates several manufacturing facilities in the state. Its presence includes major industrial sites and offices in Peoria and other communities. That footprint gives the company direct access to local workers, schools, employers, and training institutions. Caterpillar relocated its global headquarters from Peoria to Deerfield, Illinois, in 2017, but the Peoria area remains central to its manufacturing and engineering operations.

The Illinois program will cover East Peoria, Mapleton, Morton, Pontiac, Decatur, and other communities. Caterpillar said it chose these areas because they support key manufacturing operations and established education networks. The company also described Illinois as a testing ground for training models that could later be scaled in other states.

The investment is intended to connect employers with colleges, training centers, students, and workers seeking industrial careers. Caterpillar said it wants to expand access to affordable programs that align with current manufacturing requirements and to support workers who need new technical skills to advance in their careers.

The company will also fund outreach programs for students, parents, educators, and local communities. Those programs are designed to explain modern manufacturing careers and the skills employers now require. Caterpillar said it wants to build awareness before students decide on training, college, or entry-level employment paths.

In addition, the initiative will test new financing and training models across participating communities. Caterpillar said those models could reduce cost barriers and expand access to specialized industrial education. The company plans to share successful approaches with other employers and workforce organizations nationwide.

Caterpillar will work with regional organizations that already support manufacturing, education, and economic development. Partners include the Greater Peoria Leadership Council, Heartland Community College, and local development groups. The Livingston Area Career Center will also support training pathways for students and future technicians.

The Economic Development Corporation of Decatur and Macon County will help coordinate regional workforce efforts. Caterpillar said local institutions will align training programs with the needs of manufacturers and industrial employers, creating clearer routes from education into technical roles.

The company launched its broader workforce initiative to address long-term shortages in skilled industrial labor, a challenge widely reported across U.S. manufacturing. Industry studies, including projections from the National Association of Manufacturers and Deloitte, have estimated that millions of manufacturing positions could remain unfilled over the coming decade as older workers retire and technical requirements evolve. Earlier allocations under Caterpillar’s initiative covered two state programs and an innovation challenge focused on workforce development. The Illinois commitment extends that effort while reinforcing Caterpillar’s long-standing operational presence in the state.