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PITTSBURGH (AP) -- Caterpillar Inc. on Tuesday announced plans to lay off more than 2,400 employees at five plants in Illinois, Indiana and Georgia as the heavy equipment maker continues to cut costs amid the global economic downturn.
President Barack Obama, during a visit to a Caterpillar factory last month, said the company's chief executive, Jim Owens, had promised to rehire some workers if Congress approved the president's economic stimulus plan. But Owens later said more cuts were likely before the company could start hiring again, and that a stimulus plan was unlikely to have an effect on the economy until late 2009 or early 2010.
The White House tried Tuesday to sound a positive note despite the news of more layoffs at Caterpillar.
Press Secretary Robert Gibbs said the White House was confident the stimulus bill will create opportunities for Caterpillar and other companies to grow their businesses because of the many construction projects states will be breaking ground on.
Originally posted by USamf
Well, there goes whats left of my stock in CAT. Sheesh....
HiRel Systems Closing Plant -50
Food Word -431
Road Home Program -500
More Layoffs At American Funds
Garlock Cuts Again -17
WestPoint Home Inc. -12
Resurrection Healthcare -125
Stanley Tools -36
Canadian Broadcasting Corp. Up To -1,200
GE Healthcare -175
University Of Maine Layoffs Inevitable
Layoffs Coming To MySpace
Caterpillar Update -2,454
Potash Corp. -940
Trail King Trailers -75
Caterpillar Engine Plant -439
Caterpillar Closing Fuel Facility -89
Blue Cross Blue Shield Of MI -1,000
Taylor Made Closing FL Plant -24
Wilton Armetale Co. Closed -15
Ramtex Closing Plant -205
Paper and Printing Companies On The Ropes
Food Co. Kings Delight Closing Plant -78
Catawissa Closing Plant -100
2 More Auto Suppliers Close Plants -80
Texas Hydraulics -117
West Aurora School District -169
The Body Shop -18
Zambia Copper Mine -1,321
Clarksville Gas and Water -22
Harris Interactive -90
Smurfit Stone Container -83
TRW Cutting More -42
Merillat -35 Merkle Inc. -34
Corning Cable Systems -200
News Tribune In Tacoma -30
Caterpillar In Pontiac Rolling Layoffs -40
Scopus Video Networks -100
Applied Materials In Austin -50
Getty Images -110
Hawker Beechcraft In Salina KS -41
The Olympian -15
Mutual Of Omaha +100
Originally posted by David9176
reply to post by spinkyboo
That's horrible man.
It's just not fair for people that have busted their asses and have been responsible to get bitten by all of this.
I hope i don't become one of them.
Looks to be around 7000 - 8000...insane for just one day.