- Caterpillar (CAT) says it will close its Kilgore, Tex., assembly plant in response to falling demand for mining machinery.
- Lower prices for mined commodities such as iron ore and coal have triggered widespread spending cuts on new equipment; CAT reported Q3 sales of its mining equipment fell 42% Y/Y, and income from mining machinery plunged 63%.
- CAT already has closed or announced plans to shut small plants in Canada, Minnesota, South Carolina and Virginia.
Caterpillar to close Kilgore mining equipment plant
Oct 29 2013, 18:10 ET