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Wisconsin Ag News Headlines |
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Caterpillar Planning More Layoffs
Wisconsin Ag Connection - 07/29/2016
Another dismal earnings report by Caterpillar Inc. will lead to more layoffs by the heavy equipment maker. The company said in a statement that it will be restructuring in light of global uncertainty and political turmoil overseas.
Exact details about where the job cuts will happen were not released, but Caterpillar had 100,000 full-time workers on its payroll at the end of the second quarter. That was down from 111,200 a year earlier. The company employs about 800 in the Milwaukee
area alone.
Caterpillar reported this week that its second-quarter net income dropped to $550 million, compared with $802 million in mid-2015.
In February, Caterpillar said it was cutting 700 jobs and closing five manufacturing plants across the country in 2016, including its forest products facility in Prentice.
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