Unfortunate Metamorphosis for 20,000 Caterpillar Workers

Caterpillar to slash 20,000 jobs

The layoffs, equivalent to about 18 percent of its workforce, came even as the company chalked up its sixth consecutive year of record sales and revenues in 2008.

Some 4,000 production and 7,500 administrative staff as well as about 8,000 contract staff will be among those to be downsized, the company said as it reported 2008 fourth-quarter profit dropped 32 percent to 661 million dollars.

“Fourth-quarter profit was disappointing, particularly in light of record fourth-quarter sales and revenues and a significant favorable tax adjustment,” Caterpillar chief executive Jim Owens said in a statement.

The company’s fourth-quarter sales and revenues was six partcent higher from the same period in 2007 to 12.92 billion dollars.

Its whole year sales and revenues hit a record high of 51.32 billion dollars for 2008, up 14 percent from 2007.

2 responses to “Unfortunate Metamorphosis for 20,000 Caterpillar Workers

  1. This along with 40,000+ more jobs announced today puts on right on track to break that 10% unemployment prediction in no time!

    2009 is going to be an interesting ride for a lot of people unfortunately.

    And it’s only the beginning :/

  2. Apparently, 150,000 jobs lost since January 1st. Not a great way to start a New Year.

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