Caterpillar has some bad news. On Thursday, the industrial giant announced plans for it to cut as many as 10,000 jobs as part of a restructuring plan in the face of what it called “a convergence of challenging marketplace conditions in key regions and industry sectors — namely in mining and energy.”
- The Peoria Journal Star reports Caterpillar began issuing layoff notices to employees on Wednesday.
- There is never a good time for announcements like this, but we recognize this is particularly difficult for employees and their families during the holidays.
- How many workers and locations will be affected was not announced, but a Caterpillar media relations manager said the reductions are primarily U.S.-based
“Cat issued this statement: “The company will try to place the impacted employees in other available positions throughout the company.”