A contract engineering and manufacturing company has signed a purchase agreement for the former Caterpillar building in New Ulm. SpecSys Inc. is hoping to be moved into the plant on the northwest end of town by the end of June. Caterpillar employed 50 New Ulm area residents when it closed the facility at the end of 2006. The building has been vacant since that time, but negotiations with SpecSys have reportedly been ongoing since 2007. The Montevideo-based company also has facilities in Granite Falls, Benson and Redwood Falls. It specializes in building custom machines for other businesses, and currently employs a total of 150 people throughout its operations. It is initially expected to hire between 5 and 12 people for the New Ulm location, mainly engineers, designers, machinists, welders and assemblers. SpecSys will hold a Job Fair for the positions this coming Thursday from 3-7pm at the New Ulm Chamber of Commerce building in downtown New Ulm.