Sponsored Links 
CAT Announces More Layoffs
Print
ShareCaterpillar Inc. (CAT) 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.
Read the full analyst report on CAT
Loading Stories...
-1.06 %
6.51
0.00