The Joint Venture between Caterpillar and Mitsubishi

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The Joint Venture between Caterpillar and Mitsubishi
Describe Caterpillar’s approach to competing in global markets in the 60s and 70s. How did CML fit into Caterpillar’s global strategy?
Caterpillar’s success in its home markets during the 1960’s enabled it to look toward expansion abroad under favorable conditions. As Caterpillar considered retail and construction opportunities in Japan, tremendous hurdles were already in place. Foreign exchange rationing and tariffs imposed on U.S. exports made the prospect financially dim, and heavy government regulation halted the idea of a Caterpillar-owned local manufacturing plant in its tracks. Caterpillar made tentative contact with local firms to assess viable strategic partnerships, but found...

.....reements for certain models of Caterpillar branded machinery. This would eliminate the need to increase industry capacity while still expanding market share.
The advantage of CML rested on its ability to serve as a beachhead for Caterpillar’s name and branding in East Asia. The above are considerations Caterpillar would have done well to consider during the launch of the CML venture with MHI.
The constellation of factors involved in creating industry at home are compounded exponentially by efforts to breach markets abroad. Caterpillar had to deal with government regulation, market forces, and traditional influences when it sought to open Japan and the Far East markets.
What caterpillar was positioning itself for with its inquiries overseas.