Caterpillar said it had temporarily shuttered some plants, furloughed thousands of salaried and management employees, and reduced its full-time workforce by 3,000 workers during the third quarter. Over the past year, the company has cut more than 13,000 jobs – about 10 percent of the global total.
It said additional workforce reductions and the consolidation of plants were possible.
“We’re restaging our business, in construction, mining and energy, in a way to reduce costs so that when we see a return to revenue – which we will see – it’s going to be a very nice time for us and we’ll all be smiling again,” Oberhelman, Caterpillar Chairman and Chief Executive, told CNBC.
“But right now, we’re looking at mining continuing to falter into 2014.”
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Who will be left to mine the world’s metals and minerals? As prices for gold, silver, copper, uranium, and iron ore continue to fall, miners are increasingly turning to layoffs to help meet the need to contain costs. Continue reading »