Caterpillar to cut 2,500 jobs

Posted on

Caterpillar announced plans to lay off approximately 2,500 U.S. employees in order to align production levels with demand and resource requirements.

A breakdown of impacted employees by location will not be provided, Caterpillar said.

The company also announced it has started bringing back some laid-off employees and expects to return others to jobs as demand increases in the coming months. Approximately 550 U.S. employees have returned to work or will return before the end of 2010, including support, management and production employees.

“We are pleased that signs of recovery in the global economy allow us to return a selected group of laid-off employees to work,” Caterpillar chairman and CEO Jim Owens said in a statement. “But it’s important to remember that we are not close to the record-breaking demand we experienced from 2004 through 2008.”

Last week, Caterpillar updated its outlook for 2009 and issued a preliminary sales and revenue outlook for 2010. The company expects 2009 sales and revenue of $32 billion to $33 billion. The 2009 profit outlook range has improved to $1.10 to $1.30 per share, compared to the previous range of 40 cents to $1.50 per share.

Caterpillar’s preliminary outlook for 2010 calls for sales and revenue up 10 to 25 percent from the midpoint of the 2009 outlook.

Welcome to TradeOnlyToday’s premium content! To continue reading, please register now, for access to 10 free stories per month. Or subscribe, for unlimited access to all TradeOnlyToday content!

Click here to Register ... it's free!

Basic subscription: Registered members get free access to 10 premium content stories each month!

Not a member yet? Click here to Register!

Already a member? Click here to Login!

Subscribe ... for unlimited access!

Individual subscription: $29 for unlimited site access for one year.

Small Business subscription: $140 for unlimited site access for up to 10 members of a company for one year.

Corporate subscription: $300 for unlimited site access for all members of a company for one year.

You may close this dialog after seconds.

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments Policy.

Vote Today

Did 2014 meet your sales expectations?

View Results

Loading ... Loading ...

Search Boats for Sale

Length
Year
Price

Login to Trade Only Today

Lost Password