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Caterpillar Inc said on Monday that quarterly earnings fell more than 32 % and warned of a tough year ahead as the downturn that began in the United States metastasized into a full-blown global recession that hit sales of its earth-moving equipment.
The company also warned that profit in 2009 would be under severe pressure and said that it would cut about 17000 workers and buy out 2500 others, to reduce costs in the face of what it predicted would be the weakest year for business since WWII