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katyshannon

Caterpillar to cut more than 10,000 jobs - Sep. 24, 2015 - 0 views

money.cnn.com/...caterpillar-job-cuts-china-oil

caterpillar jobs crisis

shared by katyshannon on 25 Sep 15 - No Cached
  • This time at a giant in U.S. business. Caterpillar (CAT) announced on Thursday that job cuts could exceed 10,000 through 2018. Up to 5,000 employees will lose jobs between now and the end of 2016.
  • The moves are aimed at cutting $1.5 billion in annual costs as the global growth outlook continues to darken.
  • Nearly 10% of the company's revenue is generated in China, where the country's economy is shifting from infrastructure-led growth to being more consumer driven.
  • ...5 more annotations...
  • China's growing pains have rippled through many countries with which it has deep trade ties.
  • As demand for raw materials dropped, it's sent prices careening for everything from crude oil and copper to iron ore. That's led mining and oil exploration companies to cut back on spending on the heavy equipment that Caterpillar produces.
  • Given those challenges, Caterpillar dimmed its 2015 sales targets and warned next year's revenue could decline by 5%. That would mark the first time in Caterpillar's 90-year history that sales have declined for four straight years.
  • the 10,000 job cut estimate includes the potential closing of more than 20 unspecified manufacturing facilities. The company will offer a voluntary retirement enhancement program for qualifying employees that will be completed by the end of 2015.
  • Earlier this week the company said retail sales of its machinery slumped 11% between June and August. The company felt the greatest pressure in China and Latin America.
  • katyshannon on 25 Sep 15
     
    Caterpillar cuts thousands of jobs
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