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Caterpillar cut jobs 131

Posted on by Just Diggers Newsdesk
Digger stalwarts Caterpillar have just announced that they are cutting 20,000 jobs worldwide. A statement from the company describes how they also plan factory closures due to falling profits at the end of 2008, with figures dropping as much as 32%.

Caterpillar are the biggest construction and mining machine company in the world and they have revised their financial predictions for 2009. Chief executive Jim Owens commented "Without a doubt, 2009 will be a very tough year. Fourth-quarter profit was disappointing, particularly in light of record fourth-quarter sales and revenues and a significant favorable tax adjustment."
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