Impacts of the global recession have battered construction and mining machines maker, Caterpillar, prompting the firm to slash almost 20,000 jobs. Caterpillar announced today that it would buyout and layoff employees in order to cut costs. The firm posted lower than expected earnings last quarter, and is predicting an even weaker year ahead. Chief executive of Caterpillar, James W. Owens, cited the global economy, rapidly falling commodity prices, order cancellations, and higher operating costs as cause for the company's woes. The heavy equipment manufacturer also plans to freeze wages.
See "Caterpillar Moves to Cut 20,000 Jobs", The New York Times, January 25, 2009