STORY UPDATED AT 9 A.M. TUESDAY, MARCH 10

Caterpillar, Inc. announced this week that it has completed the sale of its Oswego Township plant near Montgomery to Reich Brothers, LLC, of White Plains, NY.

In the brief statement issued March 9, Shauna Myers, a communications representative for Caterpillar, said the "sale of the campus follows the company’s decision in March 2017 to move machine production to other U.S. manufacturing facilities. Caterpillar will lease portions of the current site from the buyer for engineering and product support work."

Myers said Caterpillar plans to continue to employ about 500 people at the plant.

Myers said Caterpillar does not disclose the details or terms of its real estate agreements.

Caterpillar has owned and operated the plant off Route 31 since 1957.

According to its website, Reich Brothers is a national industrial real estate firm with a specialization in the acquisition, repurposing and management of manufacturing and distribution facilities across the United States.

The firm has yet to return calls from the Record Newspapers for comment on the purchase.

During a break during a Montgomery Village Board meeting Monday evening, Village President Matt Brolley said village staff has discussed the future of the plant with Reich Brothers officials.

"We have nothing yet, but I was told today that they will be reaching out to us in the next couple of weeks to discuss options," he said.

Asked what role he sees for the village in assisting Reich Brothers, Brolley said that will depend upon the firm's plans for the plant.

The plant site is currently located in unincorporated Oswego Township but borders the village's limits and is therefore eligible for annexation. Brolley noted that Caterpillar Drive, which links Route 31 and Orchard Road is a private road and is closed to through traffic and all traffic on Sundays.

Brolley said he knows that several business located along the north side of Caterpillar Drive would welcome it if the plant site was annexed and the road become a public road and opened for through traffic.

Asked if village officials have previously discussed annexation with Reich Brothers officials, Brolley said, "I think that process starts now--if they are interested. The village has made their group aware that we are willing to entertain it."

Brolley noted that under terms of an annexation agreement the village could offer a municipal water service to the plant and possibly create a TIF (Tax increment Financing district) to assist the firm in redeveloping the plant.

Concerning Caterpillar, Brolley said he was especially pleased to learn the firm plans to retain its engineering staff at the plant.

"Those are quality, high-playing jobs and they are residents of this entire area," Brolley said. "To keep them working here is great."

Brolley said he had discussed Caterpillar's announcement earlier in the day Monday with Kendall County Board Chairman Scott Gryder and Oswego Village President Troy Parlier.

The three officials are all members of an intergovernmental task force established in 2017 to assist in efforts to find a new tenant or group of tenants for the plant.

Brolley said he would like to see the task force continue to meet and work with Reich Brothers in their planning the future of the plant.

"The goal remains to get that building filled," Brolley said. "I think communication is always good."