More CAT layoffs in 4q

Oct 1, 2013

  Caterpillar is planning additional layoffs for the fourth quarter of the year. This comes after company-wide rolling layoffs, factory shutdowns, furloughs and program reductions in the first half of 2013. The company foreshadowed the additional cost reduction measures during its 2nd quarter results released in July. Caterpillar also reduced its annual financial outlook at that time, citing a decline in mining and a sharp reduction in dealer inventory. It’s unclear exactly where the layoffs are being focused or how many people are impacted. But a statement from a company spokesperson says employee notifications have occurred in various locations, including some in the Peoria-area. September 30th ended the 3rd quarter.