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Cat to cut 20,000 jobs worldwide

PEORIA, Ill. -- Caterpillar will be shedding 20,000 jobs globally, according to a report by the Associated Pre...


PEORIA, Ill. — Caterpillar will be shedding 20,000 jobs globally, according to a report by the Associated Press.

 

Caterpillar said earnings are down due to a lack of demand for heavy equipment. Fourth quarter profits fell 32%, according to the report.

 

Earlier this year, the company rolled back executive salaries and announced a global hiring freeze.


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