Despite Obama's Promise Caterpillar Will Lay Off 2,454 Employees
President Barack Obama announced on February 11, 2009 that Caterpillar Inc. would hire employees if the pork-bloated Generational Theft Act passed through Congress:
Obama got his record transfer of wealth from the private sector but he was a bit off with his prediction.
Caterpillar will not start hiring…
Instead 2,454 more employees will be laid off for at least 6 months.
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.
Caterpillar, the world’s largest maker of mining and construction equipment, has seen its sales wither as the sluggish world economy and credit crisis weaken demand for its products, used to build everything from houses to highways. The company had expanded dramatically in recent years, helped by a building boom in developing countries.
In response to the worsening conditions, Caterpillar in January announced job cuts that will ultimately eliminate 20,000 positions. It also said it would slash executive compensation by up to 50 percent and offer buyouts to about 25,000 U.S.-based employees. Caterpillar, which employs about 112,000 people worldwide, said it had imposed a global hiring freeze.
In the latest cuts, the Peoria, Ill.-based company said 2,365 support and management workers had been notified of layoffs expected to last at least six months—including 245 announced previously—and 89 workers will be let go permanently.
Caterpillar CEO Bulldozes Obama (Video)