It would appear that Caterpillar, one of the global leaders in construction and mining equipment, is announcing another round of layoffs this March. Even with emerging markets in developing countries in need of equipment produced by Caterpillar, the plummet of mineral and metal prices has forced companies that would usually order gear to put those plans on hold.

Layoffs by Caterpillar are a means to realign the business and manufacturing lines with the needs of the global market and to best position themselves in the supply chain. Layoffs in January 2009, in addition to incremental layoffs through this announcement brings the total number of jobs lost by this global manufacturer to around 25,000. In January, Caterpillar’s layoff joined Home Depot, Sprint, the recently joined Pfizer/Wyeth, Texas Instruments, and IBM as thousands of workers worldwide in premium corporations were thanked for their service and excused as a reduction in force.

Caterpillar’s recent action hits hard in the United States. A majority of the layoffs in this round hit workers at a plant in East Peoria, followed by Georgia, and Indiana. Layoffs are not the only way that the company is looking to to support their bottom line and to weather the stormy economy. While not being let go, for the near future remaining employees are likely not to see increases to salary, corporate expenditures for equipment or other acquisitions, or new employees as hiring will be frozen.

Sources:

1. Caterpillar

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This story was posted on Thursday, March 19th, 2009 for the following departments Manufacturing, layoff