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CAT Announces More Layoffs
Caterpillar Inc. (CAT - Analyst Report) plans to lay off 2,454 employees across 5 plants in Illinois, Indiana and Georgia to cut costs amid recessionary conditions.
The stock is trading marginally down 0.5% while volumes are at lower-than-average levels. The world’s largest manufacturer of mining and construction equipment said the layoff will impact 2,365 support and management workers for 6 months, while 89 will be let go permanently.
CAT had announced the elimination of 22,000 positions in January coupled with an up to 50% reduction in executive compensation.
Analysts have already slashed fiscal 2009 earnings estimates by 8 cents over the past month and by $2.22 over the past 60 days.
CAT is currently a Zacks #5 Rank ("Strong Sell") stock.
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| Market Summary | Nov 04, 2009 09:40 am ET |
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