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Caterpillar plans to lay off workers
By Daniel Lovering |
March 19, 2009, Thursday
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CATERPILLAR Inc on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.
Caterpillar, the world's largest maker of mining and construction equipment, has seen its sales wither as the sluggish world economy and the credit crisis weaken demand for its products, used to build everything from houses to highways. The company had expanded dramatically in recent years, helped by a building boom in developing countries.
In response to the worsening conditions, Caterpillar in January announced job cuts that will ultimately eliminate 20,000 positions. It also said it would slash executive compensation by up to 50 percent and offer buyouts to about 25,000 United States-based employees. Caterpillar, which employs about 112,000 people worldwide, said it had imposed a global hiring freeze.
Caterpillar ?? perhaps best known for its yellow-and-black painted backhoes, tractors and paving machines - said more layoffs may be needed as the year continues.
Caterpillar, the world's largest maker of mining and construction equipment, has seen its sales wither as the sluggish world economy and the credit crisis weaken demand for its products, used to build everything from houses to highways. The company had expanded dramatically in recent years, helped by a building boom in developing countries.
In response to the worsening conditions, Caterpillar in January announced job cuts that will ultimately eliminate 20,000 positions. It also said it would slash executive compensation by up to 50 percent and offer buyouts to about 25,000 United States-based employees. Caterpillar, which employs about 112,000 people worldwide, said it had imposed a global hiring freeze.
Caterpillar ?? perhaps best known for its yellow-and-black painted backhoes, tractors and paving machines - said more layoffs may be needed as the year continues.
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