Peoria-based Caterpillar is laying off as many as ten-thousand employees worldwide through the end of 2018 as it works to cut costs.
Caterpillar spokesperson Rachel Potts says the mining and heavy equipment manufacturer faces tough economic conditions right now, but there are still a lot of question marks.
"We are contemplating restructuring actions that could impact more than 20 facilities. That's around the world; that's across our segments at Caterpillar. That's construction, that's resource industries, that's primarily mining, that's energy and transportation," says Potts. "We aren't providing details of what specific plants that will impact."
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While Cat made announcements earlier this year of layoffs in places like East Peoria and Joliet, Potts says the job cuts they're announcing now are permanent. She says sales and revenues are now projected to be a billion dollars lower than first thought for 2015, and sales and revenues next year are expected to be lower than that.
But, Potts says there's a lot of good right now. "At the same time as that, that we've had to take these pretty significant actions, we have remained focused on our strategy, and that has meant improved market share," says Potts. "That has meant improved profit and product quality -- some of our best in history -- as well as safety. We are among the best for heavy manufacturers."
Potts says the company still intends on building a new worldwide headquarters in Peoria, but that project has been shelved for now. All of Cat's restructuring is expected to be complete by 2018, with voluntary retirement incentives available through the end of this year.