Business NEWS
US mining and construction equipment maker Caterpillar cuts another 2,500 jobs
By Amarendra Bhushan for CEOWORLD Magazine Updated:October 27, 2009
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Caterpillar Inc. (NYSE: CAT) , the largest maker of the world’s construction and mining equipment, has decided to permanently cut 2,500 jobs in the US.
Caterpillar has already cut about 34,000 full-time and contracted workers globally during the economic downturn.
The 2,500 staff who will lose their permanent jobs had previously been laid off, but will now be offered severance packages.
Last week, Caterpillar reported a stronger-than-expected profit of $404 million. Cat’s chairman and CEO Jim Owens said the forecast increase in production was welcome but would be nowhere near the record levels experienced between 2004 and 2008 Cat announced earlier this month that Doug Oberhelman, 56, is set to replace Jim Owens as chief executive.
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