WEEK confirms that Caterpillar confirms layoffs
A Caterpillar spokesperson said the business implemented a one-week layoff for employees at the "East Peoria facility."
The company spokesperson said the reasoning aligns with customer demand.
The spokesperson said the company implemented a one-day factory shutdown and a temporary layoff on July 5.
During the week of July 15, Caterpillar had a one-week factory shutdown and a one-week layoff for employees.
A UAW member told 25News there are rolling layoffs scheduled in August and September.
This comes on the heels of John Deere permanently laying off 600 white and blue collar workers. Cat's stock has been doing well, up 33% over the past year and 16% ytd. 2nd qtr earnings come out Aug 6, so my guess is if they miss expectations they can throw the analysts a bone by showing they've taken corrective measures.
WEEK confirms that Caterpillar confirms layoffs
