Feds search Caterpillar facilities in Peoria

"Caterpillar is cooperating", said Caterpillar spokeswoman Corrie Heck Scott.

Caterpillar confirmed to Fox News that law enforcement raided offices at the company's headquarters, exectuting search warrants on three propertiers in the Peoria, Ill. area Thursday.

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Caterpillar is fighting the IRS on taxes and penalties totalling about $2 billion from profits assigned to a Swiss subsidiary.

An IRS spokesman said agents "were on site on official business", but declined to comment further.

Officials have sought information regarding "the purchase and resale of replacement parts by Caterpillar", dividend distributions and more, according to the filing.

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Caterpillar Inc. rental excavators sit at the Whayne Supply Co. dealership in Lexington, Kentucky, U.S., on Monday, Oct. 17, 2016. Caterpillar has a financial unit that lends to customers.

The stock fell 5.1 percent to $93.60 at 1:05 p.m. Caterpillar said it is cooperating with the search.

The lawsuit alleged that Cat shifted profits to offshore shell companies to avoid paying more than $2 billion in US taxes.

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A spokesman for the FDIC declined to comment. "However, we now believe that this matter will not have a material adverse effect on the Company's consolidated results of operations, financial position or liquidity", the company said in the disclosure.

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