April 6, 2013
Dow Jones Newswires
Caterpillar Inc. (CAT) plans to lay off more than 460 workers at a central Illinois plant that produces big mining trucks.
The layoffs will shrink the work force at the Decatur plant by about 11%. The company said the reduction is needed to bring production at the plant in line with lower demand for mining equipment caused by falling prices for mined commodities and decisions by mining companies to shelve expansion projects.
"While some cost-reduction measures such as temporary layoffs, shutdowns and shortened work weeks have already been implemented, more permanent measures must be taken in the near term," the Peoria, Ill., company said in a written statement.
Caterpillar said those losing their jobs are temporary workers, known as supplemental employees. The supplementals are typically the first workers trimmed from Caterpillar's plants during a slowdown.
Caterpillar's stock was down 0.2% at $84.47 a share late Friday.
Copyright © 2013 Dow Jones Newswires
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