Caterpillar to lay off 2,454 workers in 3 states

[Angel Heart]

Caterpillar to lay off 2,454 workers in 3 states

Caterpillar to lay off 2,454 workers in 3 states
By DANIEL LOVERING, AP Manufacturing Writer Daniel Lovering, Ap Manufacturing Writer – Tue Mar 17, 4:27 pm ET

PITTSBURGH – Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.

Caterpillar, the world's largest maker of mining and construction equipment, has seen its sales wither as the sluggish world economy and the credit crisis weaken demand for its products, used to build everything from houses to highways. The company had expanded dramatically in recent years, helped by a building boom in developing countries.

In response to the worsening conditions, Caterpillar in January announced job cuts that will ultimately eliminate 20,000 positions. It also said it would slash executive compensation by up to 50 percent and offer buyouts to about 25,000 U.S.-based employees. Caterpillar, which employs about 112,000 people worldwide, said it had imposed a global hiring freeze.

More...

 

[Angel Heart]

[youtube]EMpFMANu6VE[/youtube]​

 

[DavidS]

Good catch, Angel. Obama still hasn't explained himself on this...

 

[Sinatra]

Good catch, Angel. Obama still hasn't explained himself on this...

He has no real reason to - the mainstream media quickly dropped it and moved on. They have been doing this for Obama going on two years now.

Obama appears at times to take a very liberal interpretation of the truth...


(pun intended)

 

[xsited1]

The CEO broke his promise... So is Obama going to have the him arrested and thrown in jail?

President Barack Obama, during a visit to a Caterpillar factory last month, said the company's chief executive, Jim Owens, had promised to rehire some workers if Congress approved the president's economic stimulus plan. But Owens later said more cuts were likely before the company could start hiring again, and that a stimulus plan was unlikely to have an effect on the economy until late 2009 or early 2010.

 

[Xenophon]

My my, stimulus didn't help, who would have thought it...

 

[Wolf]

Unions must be bringing this giant down..

They just brought down Circuit City.. wait CC wasnt Union.. they had CEO's that turned millions of profit into loss', made horrible business decisions and eventually bankrupted the company.. More Bonus(Retainment) money for them please!!!

 

[DiveCon]

Unions must be bringing this giant down..

They just brought down Circuit City.. wait CC wasnt Union.. they had CEO's that turned millions of profit into loss', made horrible business decisions and eventually bankrupted the company.. More Bonus(Retainment) money for them please!!!

uh, Cat isnt going out of business

 

[Peejay]

CAT took care of it's union problems, for the most part, years ago. They moved plants to right to work states in the south and they are almost exclusively non union. My ex wife works for them. I spoke with her a few days ago and she says that she and her fellow workers are just happy when their badge still opens the gate every morning for now.

 

[Wolf]

Unions must be bringing this giant down..

They just brought down Circuit City.. wait CC wasnt Union.. they had CEO's that turned millions of profit into loss', made horrible business decisions and eventually bankrupted the company.. More Bonus(Retainment) money for them please!!!

uh, Cat isnt going out of business

Thats a great thing... didnt say Cat was going out of business.. anytime a business fails or needs help, or isnt doing well.. GOP cries Unions..

This is a cyclical downturn due to the economy.. but soon Ill hear the GOP cry Unions...

wait for it....

 

[DiveCon]

CAT took care of it's union problems, for the most part, years ago. They moved plants to right to work states in the south and they are almost exclusively non union. My ex wife works for them. I spoke with her a few days ago and she says that she and her fellow workers are just happy when their badge still opens the gate every morning for now.

Unions must be bringing this giant down..

They just brought down Circuit City.. wait CC wasnt Union.. they had CEO's that turned millions of profit into loss', made horrible business decisions and eventually bankrupted the company.. More Bonus(Retainment) money for them please!!!

uh, Cat isnt going out of business

Thats a great thing... didnt say Cat was going out of business.. anytime a business fails or needs help, or isnt doing well.. GOP cries Unions..

This is a cyclical downturn due to the economy.. but soon Ill hear the GOP cry Unions...

wait for it....

i guess you missed the post above

 

[auditor0007]

Caterpillar to lay off 2,454 workers in 3 states

Caterpillar to lay off 2,454 workers in 3 states
By DANIEL LOVERING, AP Manufacturing Writer Daniel Lovering, Ap Manufacturing Writer – Tue Mar 17, 4:27 pm ET

PITTSBURGH – Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.

Caterpillar, the world's largest maker of mining and construction equipment, has seen its sales wither as the sluggish world economy and the credit crisis weaken demand for its products, used to build everything from houses to highways. The company had expanded dramatically in recent years, helped by a building boom in developing countries.

In response to the worsening conditions, Caterpillar in January announced job cuts that will ultimately eliminate 20,000 positions. It also said it would slash executive compensation by up to 50 percent and offer buyouts to about 25,000 U.S.-based employees. Caterpillar, which employs about 112,000 people worldwide, said it had imposed a global hiring freeze.

More...

And those supporting the stimulus package were telling us how all the extra spending on infrastructure would help Caterpillar, lmao! Maybe had the stimulus bill had more than a handful of spending on infrastructure, but instead, it's filled with BS.

I'm not a doom and gloomer, and this recession isn't going to lead to a depression. However, when we do finally see a turnaround, it's going to be a very slow turnaround. 10% unemployment is going to be with us for quite some time.

 

[manu1959]

Unions must be bringing this giant down..

They just brought down Circuit City.. wait CC wasnt Union.. they had CEO's that turned millions of profit into loss', made horrible business decisions and eventually bankrupted the company.. More Bonus(Retainment) money for them please!!!

uh, Cat isnt going out of business

Thats a great thing... didnt say Cat was going out of business.. anytime a business fails or needs help, or isnt doing well.. GOP cries Unions..

This is a cyclical downturn due to the economy.. but soon Ill hear the GOP cry Unions...

wait for it....

not gop but all the bail out money is going to all the auto folks.....unions......and the construction industry ....unions......c/o the banks......and state construction projects....unions......so no none of the union companies are going to fail........oh back in sept of 08 they gave the arilines.....unions....a couple of truck loads of cash as well.....

 

[KittenKoder]

This is bad ... the sad thing is no one is looking at the whole picture ... still.

Also they are all still playing the blame game instead of thinking about what's going on.

Caterpillar isn't just for construction, it also supplies farming equipment, farming which we are lacking in the US. Many farms are moving out of the country if they can (cheaper and larger parcels of land as well as lower costs of labor), and those in the country rely heavily on government handouts now. Caterpillar is kind of a good gauge on how bad we are doing because it spreads into three areas that control our economy more than most people realize. Oh well, there is no light at the end of the tunnel yet.

 

[editec]

Farms are moving out of the country?

Man! those moving bills must be enormous.

Well, we kept warning the produce if they went union this would happen.

 

[KittenKoder]

Farms are moving out of the country?

Man! those moving bills must be enormous.

Well, we kept warning the produce if they went union this would happen.

This joke failed, sorry Editec but this one was lame.

 

[editec]

Farms are moving out of the country?

Man! those moving bills must be enormous.

Well, we kept warning the produce if they went union this would happen.

This joke failed, sorry Editec but this one was lame.

Agreed.

 

[DiveCon]

Farms are moving out of the country?

Man! those moving bills must be enormous.

Well, we kept warning the produce if they went union this would happen.

This joke failed, sorry Editec but this one was lame.

oh, i dont know, i got a little chuckle out of it

 

[Shogun]

I'm willing to bet that if their new 2009 line were painted light blue and carried the "Now, with more protester crushing power" Israel would invest heavily in stock and merch..

 

[Wolf]

CAT took care of it's union problems, for the most part, years ago. They moved plants to right to work states in the south and they are almost exclusively non union. My ex wife works for them. I spoke with her a few days ago and she says that she and her fellow workers are just happy when their badge still opens the gate every morning for now.

uh, Cat isnt going out of business

Thats a great thing... didnt say Cat was going out of business.. anytime a business fails or needs help, or isnt doing well.. GOP cries Unions..

This is a cyclical downturn due to the economy.. but soon Ill hear the GOP cry Unions...

wait for it....

i guess you missed the post above

yes i did.. didnt have to wait long at all...