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Caterpillar to cut 20K from workforce

Published Monday, January 26, 2009

Caterpillar Inc. will reduce its workforce by approximately 20,000 employees, the company said, as it announced a 32% decline in profit for the fourth quarter of 2008 compared to the fourth quarter of 2007. During a conference call held earlier today, Mike DeWalt, director of investor relations for Caterpillar, said that by the end of the first quarter of 2009, the company would eliminate nearly 8,000 temporary, contract and agency workers; lay off as many as 5,000 support and management employees while offering voluntary separations to about 2,500 others; and reduce the number ...

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