Skip to main content

Caterpillar to cut 2,500 jobs

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.

Related

1_WHALESACTION

NMMA: Proposed Speed Rule an ‘Existential Threat’ to Industry

The association is calling on every marine brand, employee and boat owner to file public comment by Oct. 31 over a sweeping regulation to protect North Atlantic right whales.

1_AXOPAR

Axopar and Nimbus Renew Agreement

The boatbuilders have entered an agreement whereby Nimbus Group will retain exclusive rights to sell Axopar boats on the Swedish market.

1_IAN

Hurricane Ian Leaves Devastation in Florida

The storm left a wide swath of destruction, heavily impacting marine interests from Tampa Bay to Marco Island.

Norm

Email Is Your Ticket to Holiday Sales

Developing an effective email campaign can bolster sales and help fill winter coffers at your dealership.

1_NMRA

NMRA Presents Annual Awards

Edson CEO Will Keene and ComMar Sales president Tim Conroy were recognized for their contributions to the marine industry.

1_ PULSE.PING.2

DEALERS: Are Interest Rates Impacting Demand?

This month’s Pulse Report survey asks dealers whether interest rate increases are causing a downturn in boat sales. Take the survey here.

1_EPROPULSION

EPropulsion, Mack Boring Partner with Crest

Pontoon builder Crest will use an ePropulsion Navy 3.0 Evo electric outboard motor and an E175 battery for its 2023 Current model.

1_BENETEAU

Beneteau Reports Significant H122 Growth

The company reported that its revenue grew 8.6 percent and income increased by 30 percent during the first half of 2022.