As demand for construction equipment keeps falling, Caterpillar has decided to reduce its workforce by 10,000 (out of a good 100,000) and to close some of its factories through to 2018. Initially, this will cost some $2bn but annual costs are expected to be down by around $1.5bn starting in 2019.
One reason for the company’s problems is the strength of the US dollar. This should have helped Volvo which produces in regions with weaker currencies. However, the most recent numbers it has shown f ....
25 Sep 2015
Caterpillar lays off and closes plants
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Caterpillar lays off and closes plants
Volvo AB Class B (VOLVB:PRA) | 0 0 1.2% | Mkt Cap: 328,497m
- Published:
25 Sep 2015 -
Author:
Hans-Peter Wodniok -
Pages:
2
As demand for construction equipment keeps falling, Caterpillar has decided to reduce its workforce by 10,000 (out of a good 100,000) and to close some of its factories through to 2018. Initially, this will cost some $2bn but annual costs are expected to be down by around $1.5bn starting in 2019.
One reason for the company’s problems is the strength of the US dollar. This should have helped Volvo which produces in regions with weaker currencies. However, the most recent numbers it has shown f ....