Caterpillar having problems

[tod evans]

One of the last remaining American equipment manufacturers is having financial trouble...

Sad times!

From Drudge..


Caterpillar laying off 460 workers, cites weakness in mining

http://www.chicagotribune.com/news/sns-rt-us-caterpillar-mining-layoffsbre9340s1-20130405,0,5883159.story

CHICAGO (Reuters) - Caterpillar Inc said on Friday it was laying off 460 workers at a U.S. plant that makes mining equipment.

The layoffs will affect about 11 percent of the workforce at the Decatur, Illinois, factory and reflect softening demand from the global mining industry, which is cutting back on capital investment because of a retreat in commodity prices.

Caterpillar, which had already implemented temporary layoffs and line shutdowns as well as a shortened work week in Decatur, said the permanent layoffs were needed to "bring production in line with demand."

It said the job cuts would take effect in 60 days.

Caterpillar is the world's largest maker of mining equipment. The Peoria, Illinois-based company also makes construction equipment, gas turbines and diesel engines, and railroad locomotives.

(Reporting by James B. Kelleher; Editing by Bob Burgdorfer)

[presence]

I watched one of those "how it was made" documentaries on cat... really nice welding occurring on those chassis.



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[MRK]

I have a friend who works at caterpillar. He said when he got there none of the union guys he was supposed to direct would listen to him or get their job done. So he figured out that if he gave them mountain dews every morning, they would do what he asked of them (their jobs).

You can't make this stuff up.

[tod evans]

From the article, "cites weakness in mining".....

The weakness is only in the US, you know, here where 90+% of our foundries have been shut down and moved, hence minimal need for new mining equipment...

[Occam's Banana]

This is totally unimportant and completely irrelevant.

All we need is enough stimulus to get more people going to the movies, buying lattes at Starbucks, and shopping at Walmart & Target.

Also, we need lots more easy credit so people can buy houses & other things that they can't afford.

Then everything will be hunky-dory. All this "making stuff" nonsense is soooo 19th-century ...

[Czolgosz]

Good to hear.