January 26, 2009

Caterpillar to lay off 20,000

Filed under: Manufacturing,US — 7macaw @ 12:16 pm
Tags: ,

Caterpillar, seeing sales for its bulldozers and other heavy equipment sinking in a worldwide economic mire, said Monday that its business was “whipsawed” during the fourth quarter and that it would eliminate 20,000 jobs in the face of a “very tough” 2009.

Caterpillar announced the staff reductions as part of its fourth quarter earnings report, released Monday morning. The company said that while its revenue and profit for full-year 2008 were strong, its business ran head first into the worldwide recession in the fourth quarter.

Source: Triangle Business Journal

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