Chicago Tribune

After months of speculation, Caterpillar has chosen to build a new manufacturing facility in Athens, Georgia, bringing about 1,400 jobs to the state.

Georgia officials have scheduled a press conference for Friday morning where they are expected to formally announce the move, which bested a number of other states, including Illinois.

In November, Peoria-based Caterpillar announced plans to shift production from Japan and open a new manufacturing facility in North America to produce small tractors and excavators. The company said its goal was to move production of the equipment closer to its customers in North America and Europe.

The heavy equipment maker ruled out its home state earlier this month, with  CEO Doug Oberhelman  penning an explanatory Sunday column in the Chicago Tribune claiming Illinois hasn't done what's needed to balance its budget and Illinois is among the most expensive states for workers' compensation rates.

Gov. Pat Quinn defended the manufacturing climate in Illinois, saying the state passed workers' compensation reform this year that will save the businesses of Illinois at least a half billion dollars a year in workers' compensation premium every year. 

Quinn said Caterpillar's decision to bypass the state was based almost entirely on Illinois' lack of ocean access and had little to do with the state's business climate.