Cat Will Restructure; Reduce Workforce
- Published: Tuesday, 29 September 2015 15:26
- Written by Mark Kuhar
Sept. 29, 2015 – It is going to be tough medicine for Big Yellow. Caterpillar has announced significant restructuring and cost reduction actions that are expected to lower operating costs by about $1.5 billion annually once fully implemented, according to the company. These steps will begin in late 2015 and reflect recent, current and expected market conditions. For 2015, the company’s sales and revenues outlook has weakened and are expected to be about $48 billion, or $1 billion lower than the previous outlook of about $49 billion. For 2016, sales and revenues are expected to be about 5 percent below 2015.