This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/8326545.stm
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
Caterpillar axing 2,500 workers | Caterpillar axing 2,500 workers |
(about 1 hour later) | |
Caterpillar, the world's largest construction and mining equipment maker, says it will permanently cut 2,500 jobs in the US. | Caterpillar, the world's largest construction and mining equipment maker, says it will permanently cut 2,500 jobs in the US. |
But the news comes even as signs of economic recovery have allowed it to rehire 550 workers it had previously laid off. | But the news comes even as signs of economic recovery have allowed it to rehire 550 workers it had previously laid off. |
The company has cut about 34,000 full-time and contracted workers globally during the downturn. | The company has cut about 34,000 full-time and contracted workers globally during the downturn. |
Caterpillar shares were 2% higher in New York, before turning lower. | |
Hiring and firing | Hiring and firing |
The 2,500 staff who are losing their jobs had previously been laid off, but will now be offered severance packages. | The 2,500 staff who are losing their jobs had previously been laid off, but will now be offered severance packages. |
The company has started to notify the affected employees. | The company has started to notify the affected employees. |
"It's important to remember that we are not close to the record-breaking demand we experienced from 2004 to 2008," chief Jim Owens said. | "It's important to remember that we are not close to the record-breaking demand we experienced from 2004 to 2008," chief Jim Owens said. |
Last week, Caterpillar reported a stronger-than-expected profit of $404m (£245m) for the third quarter, still down 54% from a year earlier. | Last week, Caterpillar reported a stronger-than-expected profit of $404m (£245m) for the third quarter, still down 54% from a year earlier. |
The company predicted that sales next year would rise by 10-25%. | The company predicted that sales next year would rise by 10-25%. |
Previous version
1
Next version