NEWS ARCHIVE

Caterpillar to cut up to 10,000 staff

CATERPILLAR plans to cut up to 5000 staff by the end of 2016 and drop more than 10,000 workers – roughly 10% of its global workforce by 2018 – as low oil prices compound similar hard rock commodity issues.

While it is an enormous downgrade by any measure, it is half the size of the 20,000 cut Caterpillar made in 2009 when the global financial crisis bit. News of the cuts dragged the New York Stock Exchange...

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