Cateropillar to slash 20,000 jobs
epa01614680 A handout image provided by the Caterpillar Inc. of Caterpillar's articulated truck (L) and a small front shovel at an undisclosed location. The world‘s largest construction equipment manufacturer, Caterpillar Inc, said 26 January 2009 it would slash 20,000 jobs and lowered profit estimates, despite record revenues in 2008, amid the widening recession. The job cuts included 12,000 employees and 8,000 contractors, the Peoria, Illinois-based company said, as it attempted to combat lower demand and cancelled orders in the fourth quarter. Caterpillar, the world‘s largest manufacturer of bulldozers and excavators, said even US President Barack Obama‘s new 825-billion-dollar economic stimulus package would not be sufficient to boost private construction. EPA/CATERPILLAR INC./HO EDITORIAL USE ONLY
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