PITTSBURGH (AP) -- Caterpillar Inc. announced a fresh round of job cuts Tuesday, laying 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 credit crises 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 U.S.-based employees. Caterpillar, which employs about 112,000 people worldwide, said it had imposed a global hiring freeze. In the latest cuts, the Peoria, Ill.-based company said 2,365 support and management workers had been laid off for at least six months and 89 workers had been let go permanently. Some 245 of the 2,365 layoffs had been announced previously. Among the affected workers are 1,726 people at plants in East Peoria and Aurora, Ill.; 439 at a plant in Lafayette, Ind., and 289 in Jefferson and Griffin, Ga. Shares of Caterpillar slid 32 cents, or 1.2 percent, to $26.10 in late morning trading. http://finance.yahoo.com/news/Caterpillar-lays-off-2454-apf-14663985.html --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
