After Pharmaceutical giant Pfizer Inc. lay off 8000 workers, Sprint lay off 8,000 workers, Home Depot announced plans to eliminate 7,000 positions,Dutch Bank ING Group is planning to eliminate 7,000 jobs Now its CATERPILLAR, the maker of mining and construction equipment, it would lay off 20,000 workers as its fourth-quarter profit fell 32 percent . "We were whipsawed in the fourth quarter as key industries were hit by a rapidly deteriorating global economy and plunging commodity prices," Jim Owens, Caterpillar's chairman, said in a statement. The company, pointing to continued economic weakness, lowered its revenue and profit expectations for the year.
Caterpillar Inc. announced 5,000 new layoffs on top of several earlier actions. The latest cuts of support and management employees will be made globally by the end of March. An additional 2,500 workers already have accepted buyout offers, and ties have been severed with about 8,000 contract workers worldwide. In addition, about 4,000 full-time factory workers already have been let go
Its stock tumbled 6.5 percent.
caterpillar layoff, caterpillar, caterpillar jobs, caterpillar stock, home depot layoffs
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment