Caterpillar to lay off 2,500 in US
Caterpillar, which is the world’s largest construction and mining equipment maker, said today it is to eliminate 2,500 US jobs.
However, the construction giant highlighted that signs of economic recovery has meant it has rehired more than 500 workers that it had previously laid off.
The 2,500 staff who are losing their jobs had previously been laid off, but will now be offered severance packages.
Caterpillar chairman and chief executive, Jim Owens, said: “We are pleased that signs of recovery in the global economy allow us to return a selected group of laid-off employees to work.”
However, Mr Owens added: “It’s important to remember that we are not close to the record-breaking demand we experienced from 2004 to 2008.”
Last week, the company posted a better than expected profit of $404 million (£245 million) for the third quarter, but still represented a fall of 54% compared with a year ago.