Recovery: Caterpillar to Cut at Least 10,000 Jobs, First Time in Company’s 90 Year History That “Revenues Have Decreased Four Years in a Row”
September 24th, 2015Via: Chicago Tribune:
Construction and mining equipment maker Caterpillar plans to lay off 10,000 workers — or more — in a bid to save $1.5 billion a year in operating costs, it announced Thursday.
Nearly half of those job losses — 4,000 to 5,000 salaried and management employees — will come before the end of 2016, with most completed this year, the company says in an SEC filing.
Doug Oberhelman, CEO of the Peoria-based firm, blamed “challenging marketplace conditions” in the energy and mining sectors, as Caterpillar, one of Illinois’ biggest employers, revised downward its sales projections for 2015 by $1 billion, to $48 billion.
It noted in a news release that this is the “company’s third consecutive down year for sales and revenues, and 2016 would mark the first time in Caterpillar’s 90-year history that sales and revenues have decreased four years in a row.”
