Caterpillar cutting 475 jobs in its customer services division - Trade Only Today

Caterpillar cutting 475 jobs in its customer services division

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Caterpillar Inc. said it plans a new round of layoffs to cut costs as declining revenue from global mining and construction activities erodes its bottom line.

The positions were responsible for supporting after-market parts and service and handling customer and dealer support.

The Peoria, Ill.-based company said it notified workers earlier this week that it will reduce staff in its customer services support division by cutting 475 jobs. The move comes after the company previously announced about 270 layoffs for Illinois employees.

"The restructuring is a result of a consolidation of several divisions, combined with current business conditions," spokeswoman Lisa Miller said in a written statement, according to a Reuters report.

Caterpillar has let about 4,800 employees go during the past year and has cut 20,000 full-time employees worldwide since 2012, more than 10 percent of its global workforce.

The most recent layoffs will primarily affect employees at facilities around central Illinois, including Peoria and Morton, but also will include some global positions, Miller said.

The layoffs are expected to take effect on various dates and some may not be effective for several months. The affected workers are office personnel and are not union employees.

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